Cash advisor guilty of £2m fraud

Philip Smith, 49, formerly of Gaddum Road in Bowdon, Greater Manchester, pleaded guilty to offences including theft, forgery and money laundering.

Manchester Crown Court heard how Smith used other people's credit cards to make betting transactions.

One of his elderly victims lost £185,000 in the scam. Smith is due to be sentenced on 10 October.

Police investigations revealed that at one stage he operated 14 accounts with a single bookmaker and had a total of 67 credit and debit cards registered with them - only a few of which were in his own name.

His victims included professional couples, elderly people, and even his brother. The eldest was 91 and the youngest 29.

The court heard how Smith had worked as a financial advisor at TSB in Stockport in the late 1980s.

He left in 1990 and set up on his own - taking many of his clients with him.

The court was told how he spent the money he won on a villa in Spain, and let many of his clients stay there for free.

It wasn't until last February, when a building society alerted police to suspicious activities on a bank account, that his activities were uncovered.

Smith had cashed in an investment policy belonging to an 88-year-old widow and withdrawn almost all of it - about £150,000 - at once.

Police were speaking to the victim when Smith turned up at her house. A search of his car uncovered hundreds of documents.

Prosecutor David Friesner told the court the money could not be recovered as it had been gambled away.

'Aggravating factors'

Det Con John Ashington said Smith was "a man driven by greed, selfishness and ultimately desperation."

He added: "He has left not only financial chaos and devastation in his wake, but also dozens of decent and hard-working people feeling shocked, shattered, betrayed and angry.

"Some people have started to suffer health problems."

Judge Peter Lakin told Smith: "This is a very serious case with a number of aggravating factors.

"You must understand, as I'm sure you do, that you have pleaded guilty to very serious matters and that the court is bound to have in mind a substantial custodial sentence."

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