Mark Pickering ran up £1.1m in gambling losses that he covered with the savings of his mostly elderly clients who liked his personal touch, reports newspaper The Nottingham Post.
At Nottingham Crown Court on Wednesday, judge James Sampson sentenced Pickering to 40 months in prison.
He said: “Not only did [your clients] trust you, they probably trusted the company name. You were a financial adviser for a highly reputable company.”
SJP
Pickering confessed to SJP in July 2016 and the company subsequently contacted his victims.
Kevin Waddingham, representing Pickering, told the court: “It appears the pull of his addiction to gambling was strong but the guilt was even stronger.”
Pickering had been affected by his children growing up and leaving home and later the breakdown of his marriage, Waddingham added.
After the case, an SJP spokesperson said: “In July 2016, we discovered serious misconduct by an adviser associated with the company. We immediately terminated his contract and passed all evidence and information to Nottinghamshire Police to assist their investigation.
“A small number of people were affected and St James’s Place immediately engaged with each individual in order to take action to ensure they were not financially disadvantaged in any way.”
SJP is also pursuing Pickering through the civil courts to recoup the money he gambled plus the £100,000 it spent in dealing with the fraud.
Bankrupt
The UK’s official public record, The Gazette, shows that Pickering was declared bankrupt at his own request on 3 August 2016.
His company, M.A.P Wealth Management, was dissolved on 5 April 2016, according to Companies House.
Client recommended
In a services brochure, Pickering advertised that he was a restricted whole-of-market adviser to older people and their families. He offered advice on paying for care, IHT planning, pensions and savings & investments.
Under a paragraph titled ‘A bit more about me’, Pickering said that he had devoted the last 12 years of his working life to helping his clients make the most of their money and realise their financial goals.
“Due to my strong client focus I am able to build my business solely on personal recommendations, from both private clients and other like-minded professionals. My clients are always keen to recommend me to their family, friends and colleagues so they too can benefit from the highest levels of personal service and sound professional advice they have received themselves,” he wrote.
