Ex-IFA jailed for £3.5m Ponzi scheme

A former IFA has been jailed for ten years for defrauding investors of at least £3.5m in what has been branded a "classic Ponzi scheme".

Phillip Boakes had previously pleaded guilty to fraud and acting without authorisation, in a case brought by the Financial Conduct Authority (FCA). In sentencing at Southwark Crown Court, Judge Lorraine-Smith said: "This was a classic Ponzi scheme over a number of years with a large number of victims. "Lives have been changed and life savings have been lost. Boakes and his family lived a lavish lifestyle that he could not begin to afford but for his fraudulent activities." Boakes had also attempted to stop investors from assisting the FCA's investigation, the judge said. Unautho...