Financier jailed for cash swindle

A Devon financier who used £2m of his clients' money to live a life of luxury has been jailed for six years.

Nicholas Padden, 51, of Willow Cottage in Broadclyst, denied 11 charges of obtaining money by deception from eight clients between 1999 and 2003.

Exeter Crown Court convicted him on all counts after hearing he lived in an country cottage, bought executive cars and went on expensive family holidays.

Padden claimed the money had been lost on bungled investments.

However the court heard his bank accounts showed he used it to fund a spending spree.

I regard this as a serious fraud and that is why I am imposing a substantial sentence Judge Lester Boothman

The court heard that he ran up credit card bills of £130,000 in just four years even though he had been virtually bankrupt before defrauding his clients.

The biggest loser was a rich divorcee from Totnes, who entrusted Padden with her £1.5m settlement only for him to spend it in just 18 months.

The judge, Lester Boothman told him: "I regard this as a serious fraud and that is why I am imposing a substantial sentence."

"You persuaded yourself over quite a long period of time you were not doing anything wrong."

The Judge said he was satisfied Padden did not have any money hidden away, and said by 1999 he was: "plainly in financial difficulties, probably because you were living beyond your means."

Padden offences were "a breach of trust", said the judge, telling him: "Your clients would not have invested in the way they did had they known what you were doing or going to do."