Newport IFA jailed for defrauding clients out of £250k
Financial adviser from Penarth jailed for nearly four years for fraudulently gaining £250,000 from two clients.
Financial adviser Jeremy Sage has been sentenced for three years and nine months at Cardiff Crown Court for six counts of fraud, including theft, obtaining property by deception and perverting the course of justice.
The court heard how he fraudulently gained £65,942.13 from client John Stroud and a further £180,382.25 from another client Robin Smyth totalling £246,324.38, when he took over his late father’s Newport-based business as a financial adviser.
According to newpaper reports, police were alerted to the crimes in September 2010 and found a series of documents during a search of his address, including a number of blank sheets of paper with Mr Stroud’s signature on claiming Mr Sage had power of attorney over his accounts. This was allegedly done without his consent or knowledge.
Three of the charges related to Mr Sage’s time working for Mr Smyth, a former Newport resident who was living in Alaska and travelling the world for work.
The court heard how Mr Smyth remembered signing blank sheets of paper so Mr Sage could “further his financial interests” while he was abroad.
The court heard Mr Smyth has been reimbursed all but £31,000 of the money but the other has not been reimbursed by any of the companies or building societies he was involved with.
The court also heard that when police caught up with Mr Sage in 2010 they found letters showing he owed thousands in unpaid school fees, £11,000 to the Inland Revenue, was in arrears of just under £17,600 on his mortgage and owed significant amounts to bailiffs.