Court orders Tenet to compensate for AR's fraud

His victims were collectively deceived over a period of seven years while he was an appointed representative of TenetConnect for all but the last two months of his career as a financial adviser.

The court heard how Dhanda convinced victims they were buying property in India but he actually spent their investments on gambling, holidays and an extravagant lifestyle.

On top of this, Dhanda went to his victims, who saw him as a personal friend, for loans claiming he had fallen on hard times, the court heard.

A former client told FTAdviser that Dhanda’s office was decorated with pictures of him playing golf with former England manager Sir Bobby Robson as well as photographs of himself with Newcastle United players.

When Dhanda's house and business address were searched by police, officers found a large stash of money totalling £11,000 and papers regarding his business which they took away to examine.

During the search a briefcase full of condoms was also found.

The clients which brought their case to the High Court were John and Frances Thorpe, who took their case to the Financial Ombudsman Service after losing around £65,000 from their life savings.

Dhanda had advised them to sell a Friends Life policy, bonds and Isas and to send £55,000 to him to invest in a property in Goa, and smaller sums for him to use as a business-related loan.

The money was never spent on the property in Goa and the Thorpes are among 20 others who later complained to Tenet without receiving redress before turning to the Financial Ombudsman Service.