Stolen £1m gambling debt of IFA

Philip Smith, 48, was once a registered IFA but had not renewed his registration for ten years, instead he conned scores of clients out of their credit cards, inheritance and investments.

Detective constable John Ashington, of Stockport CID, said: “Philip Smith was a man driven by greed, selfishness and ultimately desperation.”

Starting off as a bona fide IFA, Smith was caught by a suspicious building society worker who alerted the police.

They found that he had spent £2 million on credit cards for internet gambling and speculation on the stock market, but Mr Smith lost half of this.

His case highlights the extent some people will go to in order to fund their debts and lifestyle and Mr Smith has been told to expend a harsh sentence for his deeds.

DC Ashington added that it was important that people check with the Financial Services Authority (FSA) that their IFA is registered.