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Former Towergate IFA jailed over £150k fraud

Stirling Sheriff Court has confirmed that Ryan Robert Burnside, a former Towergate adviser, was convicted yesterday (11 January) for obtaining money by fraud and imprisoned for two years and four months.

Mr Burnside conned a grandmother out of her £150,000 retirement fund and was convicted of obtaining money by fraud and told by a sheriff he had carried out a “gross breach of trust”.

Mr Burnside was sacked from his post as an adviser with Albannach, now part of Towergate Financial, in 2008.

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In February 2008, Towergate acquired Albannach Financial Management, a leading wealth management, financial planning and mortgage specialist based in Edinburgh and Glasgow.

The deal, for an undisclosed fee, saw Laurie Dempster remain as managing director of Albannach and the 42-strong workforce continued to operate out of its offices in Edinburgh and Glasgow.

On sentencing Mr Burnside, Sheriff William Gilchrist said: “I take into account the significant amount embezzled, and also the effect on the victim, as she was effectively defrauded of all her savings.”

The sentence was cut from three years and six months to two years and four months as he pled guilty to the crime.