Crooked adviser is jailed for six years

A FINANCIAL adviser who stole more than £2.8m from his clients has been jailed for six years.

Stephen Higham, 53, used the money to prop up his independent advice business, Oaktree Financial, in Nottingham.

Higham persuaded clients to invest in what they thought were secure Treasury bonds. But the certificates were fake and Higham paid the money into accounts he controlled. Higham, of Rugby, Warwickshire, who had earlier pleaded guilty to a charge of trading with the intent to defraud creditors, was sentenced on Friday at Nottingham Crown Court.

As well as the jail term, Judge Michael Stokes banned Higham from being a director for 12 years. Liquidators say there is little money left for the investors.

Some will see losses up to £48,000 repaid through the Financial Services Compensation Scheme, but others, such as Alan and Mary Rooksby from Nottinghamshire, who invested more than £500,000 with Higham, are still thousands of pounds out of pocket.

Alan, 68, said: 'We are delighted with the sentence and pleased to put this behind us. To see the look on Higham's face when the judge gave him six years was terrific.'

Investors are also deciding whether to pursue a case against the Financial Services Authority, which allowed Higham to trade as an adviser despite a conviction in 1989 for stealing clients' money.