Financial adviser jailed for defrauding elderly client

Ponzi Scam Fraud Gavel Law 480

A financial adviser has been jailed for 14 months for defrauding a 93 year old client out of £58,000.

The Henley Standard reports Sanjay Parmar of Lowfield Road in Reading admitted four counts of fraud by abuse of position at Guildford Crown Court.

A 93 year old female client wrote four cheques totalling £58,000 between April and July 2010 after Parmar told her the money would be paid into her savings account.

A relative based in Guildford sought legal advice after realising the money had not been paid into the account.

DC Andrew Skoglund, who investigated the case, told the newspaper: “This man was in a position of trust and used this to take advantage of a vulnerable, elderly victim who believed she was handing over money in good faith to invest in her savings.”