Due to a case of fraud worth £17 million, two independent financial advisor brothers from Norfolk have been sent to jail.
It was the Taylor brothers who were continuously lying to their clients and putting their money into risky schemes known as contracts for differences. These essential bet on the fall of the stock market. In addition to this, the brothers also failed to disclose to their clients that they were both shareholders and directors of the Vantage Investment Group.
Breaching Client Trust
The actions of the Taylor brothers caused their clients a great deal of anxiety, stress, and many sleepless nights. Many of these clients approaching reaching retirement age and were inherited from Taylor and Taylor Associates (their dad’s company) and so they trusted the advice they were given. However, they were only interested in low risk investments rather than the risky ones being offered.
During the court ruling, it was noted that their loyal clients favoured a much more measured and cautious approach to investment risk and had trusted the brothers to handle their funds in a way that was careful and honest – much like how their dad acted. What the brothers did was deemed to be a prolonged and elaborate breach of client trust.
Lost Money
Between the two brothers (Russell and Alan) they dealt with approximately 237 separate clients and £16.69 millions of funds. Unfortunately, they managed to lose their clients close to £5 million.
Because they both pleaded guilty to the charges that were made against them, their sentences were reduced by 20% as it saved prosecution resources and time. As a result of their conviction, the brothers has been disqualified for the next 12 years from being directors of a company.
Due to their actions, the company no longer has authorisation to remain in business according to the register of the Financial Conduct Authority (FCA). Whilst the Vantage Investment Group is still authorised to remain in business, it has applied to cancel its authorisation.
Get Your Transaction(s) Reviewed
If you had dealings with the Taylor brothers and the investments you mad with them have performed poorly, you may want to act now by having all of your transactions reviewed. If you need help with this or have any concerns about what you discover, then get in contact with our team of experts look into your case and advise you on how to proceed. However, you need to act quickly as there are time limitations in place.
