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Fraudulent unauthorised adviser gets four years for stealing client money

  • 26/07/2021
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Fraudulent unauthorised adviser gets four years for stealing client money
Disgraced financial adviser Ian Hudson has been sentenced to four years in prison for fraudulent trading, advising on investments and accepting deposits without authorisation.

His sentencing, by Judge Tomlinson in Southwark Crown Court today followed charges laid by the Financial Conduct Authority (FCA) in May.

Between 1 January 2008 and 31 July 2019 Hudson advised on regulated mortgages, pensions and other investments and appeared to be investing significant deposits on behalf of his clients.

Hudson told his clients their money would be invested in financial vehicles or put to other uses but instead, in some cases, he used the deposits to fund his own lifestyle, repay existing clients or make payments to other individuals.

In total, approximately £2m was deposited by Hudson’s clients.

He was sentenced to four years in prison for one count of fraudulent trading.

He also received two additional terms of 14 months to run concurrently, each reflecting a breach of section 19 of the Financial Services and Markets Act. Section 19 states that a person or company must not carry on a regulated activity in the UK, or appear to do so, unless they are an authorised or exempt person.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Mr Hudson’s defrauding was calculated and persistent over a number of years, preying on victims who believed he was a financial adviser and trusted friend when he was neither of these things. We remind investors to check the FCA’s register of authorised person to ensure any financial adviser is authorised to provide financial advice by the FCA.”

Confiscation proceedings are being pursued by the FCA and any sums recovered will be used to compensate the victims.

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