Regulation  

Adviser charged over £1m fraud

A financial adviser has been charged by the Crown Prosecution Service for 12 offences of fraud by abuse of position, amounting to over £1m.

John Field, 77, of East Sussex, appeared at Hastings Magistrates Court on 10 September. The case was committed to Crown Court for an initial appearance by Mr Field, now on bail, on 13 October.

Mr Field is alleged to have used his position as a director of independent legal advice firm Meads Financial Consultants Limited, operating from premises in Gildredge Road, Eastbourne, to obtain a total of £1m from 33 people who had entrusted money to him for investment purposes.

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The charges were brought following an investigation by the Sussex Police Major Fraud Unit.

Meads Financial Consultants were declared in default by the Financial Services Compensation Scheme earlier this year. The firm was an appointed representative of Sesame between August 1994 and October 2013, but is now listed as ‘suspended’ on the Financial Services Register.