Fraud boss jailed for six years

The head of a Nottingham-based financial services company who cheated investors out of more than £2.5m has been jailed for six years.

Nottingham Crown Court heard many investors had their retirement dreams ruined. One man, who lost £500,000, was known to be dying of cancer.

Steven Higham, 53, managing director of Oaktree Financial Services, pleaded guilty to fraudulent trading.

The offences happened between 1993 and January last year.

Treasury stock

The court heard he had some 4,000 clients around the country and was offering to invest money in treasury stock and the property fund at interest rates of up to 8%.

But the court heard the money was not invested and was used instead to prop up the company.

In mitigation, it was said he got into difficulties when expanding his business.

Judge Michael Stokes said it was one of the worst cases of its type he had heard.

Higham was remanded in custody and the judge adjourned the case for sentencing.