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Man jailed for defrauding elderly victims to fund his lifestyle

|News, Fraud and economic crime

A man has been sentenced to three and a half years in prison today (14 July 2021) at Portsmouth Crown Court for defrauding two elderly victims of nearly £35,000.

Sam Kimmence, aged 25 and from Essex, pleaded guilty to fraud offences at an earlier hearing in April 2021.

The elderly victims, who were in their late 70’s and 80’s, had previously been clients of Kimmence when he worked as Senior Trader at Equine Global Sports Limited, a company which subsequently went into liquidation.  The company received money from customers which it would use to place bets on horse races, on their behalf.

After this company ceased trading, Kimmence contacted two of his previous clients and pretended that he would continue to invest their money in the same way, when in fact he used their money to fund his lifestyle, such as paying for restaurant bills, booking a hotel in Ibiza and buying clothes.

Simon Clark, CPS Wessex Senior Crown Prosecutor, said: “Kimmence acted despicably when he duped his former clients in to believing that he had set up a new company with which they could safely invest their money.

“The CPS used witness statements, financial records, receipts and mobile phone evidence to prove that Kimmence had not invested a single penny of the thousands of pounds he had fraudulently obtained from his victims.

“The CPS is committed to working alongside the government and law enforcement to provide a multi-agency response to combat investment fraud.  CPS prosecutors work to seek justice in a variety of cases including those that cause the greatest harm to the public especially vulnerable victims.”

Notes to editors

Sam Kimmence pleaded guilty to five counts of fraud and one count of carrying on a regulated activity when not an authorised or exempt person (s.23(1) of the Financial Services and Markets Act 2000).

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