The managing director of Cardiff-based Cascade Wealth Management has been cleared of defrauding his elderly mother out of £137,000.
Financial adviser, Simon Haydock, was found not guilty of fraud by a jury at Newport Crown Court, after this publication had reported on the accusation recently.
The court was told he had spent cash given to him on “high-risk investments and gambling”.
Following their deliberations, the jury cleared the managing director of Cascade Wealth Management of any wrongdoing, the BBC reports.
Haydock had insisted his mother Geraldine Haydock had told to him to “have the money and enjoy it” with his family.
His mother, who is in her 70s, had sold her home in Neath in 2010 and gave the money to her son to invest on her behalf, jurors were told.
The court heard Geraldine Haydock believed her son had “reinvested it against my wishes”.
Haydock spent the money on “high-risk spread betting investments, some went into his wife’s shares, and some was gambled online”, the trial heard.
Within a month, much of the cash was gone.
The court heard Haydock’s mother had asked for the money to be returned, but he insisted it had been a gift – and he was unable give the cash back as it was spent.
Judge Daniel Williams said the case rested on what he called a “stark conflict in evidence – the issue of whether the proceeds of the sale were given so that he would invest them or whether they were given as a gift”.