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Former Essex broker jailed for foreign exchange investment fraud

26/03/2013

Ian James Dickinson has today been sentenced to five years at Chelmsford Crown Court for a fraudulent foreign exchange investment scheme. Over nearly five years, Dickinson defrauded investors of around £3 million

Rakesh Somaia, a senior fraud specialist for the Crown Prosecution Service, said: "Many of Ian Dickinson's victims were lifelong friends and local acquaintances. His fraud was the ultimate betrayal of their trust.

"He was a high profile and trusted member of the community whose membership of the Rotary Club, Golf Club and Cricket Club gave the impression that he was a man who could be trusted. Some of his victims handed over their life or retirement savings.

"He became a junior foreign exchange broker at the age of just 17 and went on to lead a career in the City. His professional background was well known to friends and neighbours in Frinton-on-Sea, who kept on investing and even recommended others to do the same.

"Dickinson made little attempt to honour his word to make money for friends and investors, choosing instead to spend their money repaying earlier investors and to support a lifestyle which included a large house, cars and a private education for his children. These cases cause untold financial ruin, stress and misery to the victims and today shows that the CPS is ready and able to prosecute the perpetrators."

Background:

Dickinson took in excess of £11m from investors and invested just over three quarters of a million pounds in foreign exchange, making an overall loss on those investments of just under £200,000. He returned less than £8m to investors.

Dickinson pleaded guilty on 14 February 2013 to one count of participating in a fraudulent business as a sole trader, contrary to section 9 (1) Fraud Act 2006 and one count of carrying on an unauthorised regulated activity, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000.

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