An ex-financial adviser has been handed an eight-and-a-half-year prison sentence after being found guilty of a £4m fraud.
Former Morris and Hale Ltd adviser Sacha Morris vowed to make impossible returns on “off plan” property deals in Cyprus, according to the York Press.
The Harrogate based IFA advised clients to “raise every penny you can and invest it in off plan property in Cyprus”.
The client would then make a return by “flipping” the property ahead of when full payments for building costs needed to be paid.
Morris had personally invested in the scheme previously, but had lost money, so knew that it was not a “sensible investment” at the time she recommended it, Judge Rodney Jameson QC said in his sentencing.
Jameson said Morris acted with “cavalier disregard” towards her clients, issuing the eight and a half year sentence after she was found guilty of one charge of fraudulent trading and two other fraud charges.