Ex-adviser jailed for five years over £465k client theft

clock

An ex-Legal & General (L&G) adviser has been jailed for five years after stealing close to half a million pounds from a vulnerable elderly couple.

Mark Towson, 52, took the money from his clients, a 91-year-old woman and her husband who suffered from dementia, to pay off his own debts. The Herald Scotland reports Towson, who still denies taking the money, was sentenced to five years in prison at Paisley Sheriff Court on Friday. He was found guilty of the crime at an earlier hearing. It was earlier revealed that Townson of Baillieston, Glasgow, had worked for L&G for 18 years, dealing with clients throughout Scotland and in Northern Ireland. He advised the couple, Mr and Mrs McDowell, for ten years until 2013. The coupl...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

The existential threat at the heart of Britain's biggest wealth manager

The existential threat at the heart of Britain's biggest wealth manager

Fees made St James's Place rich but now risk toppling the firm

Chris Newlands
clock 15 May 2024 • 10 min read
St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
Trustpilot