‘Investor’ conned Lancashire people out of £640,000 in pensions scam (From Chorley Citizen)

‘Investor’ conned Lancashire people out of £640,000 in pensions scam

8:50am Saturday 13th March 2010 in

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A CONMAN has been found guilty of stealing £640,000 from elderly and vulnerable people in Lancashire.

John Sheldon Williams, 71, was convicted of 35 counts of fraud after he set up an investment scheme which collapsed.

None of the money he stole has ever been returned to the 22 victims, many of whom invested their entire pension funds and redundancy payouts.

Police investigated Williams for almost two years after they were inundated with complaints about investment policies which had been taken out by him.

The 71-year-old, of Kilnhouse Lane, St Annes, had taken cash from a series of victims which he then misappropriated for his own personal benefit.

Acting under the name Acorn Marketing Services his scheme relied on recycling cash by paying previous investors with new investors’ money.

Detective Sergeant Nigel Watson, of Clitheroe CID, said: “This man systematically stole large sums of money from a large number of victims.

“He used this money to fund his own lifestyle over a number of years.”

Between 1993 and 2008, Williams, conned clients, into handing over money which he promised to pay back with good interest.

He told his victims, who included people from Burnley, Blackburn, Oswaldtwistle, Clitheroe, Accrington, Todmorden, and Chorley, the money was being used in property investment, or providing loans.

A jury of six men and six women heard that Williams did willingly repay some of his clients. But this was only to promote an air of legitimacy and confidence to what he was doing overall.

He then wrote to his clients saying he was retiring because of ill health.

Weeks later he wrote again saying he had been defrauded by three fabricated business partners called the Thomas Brothers and David Scott, who had taken the money and run.

DS Watson said: “Williams’s stated some years ago he became interested in property development and had set up his own small company where people he knew gave him money to invest in property, which he then sold at a profit and made money for both his investors and himself.

“He went on to say that he then began going to property development seminars around the country and met two brothers, John Thomas and Joseph Thomas.

“One of the brothers was a builder and the other was a man who had good connections with building societies. He also said he knew another man, David Scott, who was allegedly a solicitor.

“William’s version about the Thomas Brothers and David Scott was ultimately shown to be bogus and financial investigation proved money had gone, via very bizarre routes, into his personal accounts.”

Williams was convicted after a three week trial at Preston Crown court of stealing £639,685. He will be sentenced on March 22.

DS Watson said: “Williams lied to the victims and lied to the crown courts. None of the victims have got any of their money back and they are hoping justice will be done when he is sentenced later this month.”

A spokesman for the Financial Services Authority said anyone thinking of investing money with a company should check its’ register of businesses before handing over any money to ensuire they had legal protection The judge has informed Williams to expect a lengthy custodial sentence.