Fake advisor cheated father-in-law

A bogus financial advisor who cheated investors out of £1.2m has been jailed for six years.

Christopher Toon, 46, of Blaby, Leicestershire stole from friends and family over eight years, taking their pensions, inheritance and savings.

He initially used the money to pay off debts, but then began spending it on luxury items such as a trip to Florida.

Leicester Crown Court heard how Toon portrayed himself as a qualified financial advisor although he was not being accredited with the Financial Services Association.

Peanut firm

He set up a company, Lockwood and Toon Financial Services Agency, in Blaby with silent partner Marlon Lockwood.

He took £194,000 of investment from Mr Lockwood and claimed he had put it into a company called KPP.

A number of his 27 victims, including his own father-in-law, were also told their cash had gone into the firm, the court heard.

But no such company existed as Toon had made up the name after seeing an advert for KP Peanuts on the side of a bus.

It was only when one of the victims became concerned about the whereabouts of the £105,000 she had invested that his cheating was exposed.

Ross Fitzpatrick, defending, said Toon's wife of 17 years had walked out on him as a result of his fraud and he was now remorseful for what he had done.

Toon admitted eight charges of theft and seven offences of forgery between 1995 and 2003 and asked for 18 further offences of theft to be considered.