Former financial adviser admits to £1m fraud

A former financial adviser has admitted to defrauding clients out of more than £1m over a 20-year period.

Malcolm Green admitted to 19 counts of fraud by abuse of position and 20 counts of obtaining a money transfer by deception.

He also admitted three counts of false accounting at North East Derbyshire and Dales Magistrates' Court, the Grantham Journal reports.

Green entered no plea to two other counts of fraud, which the prosecution said would be withdrawn, although they may be reinstated at a later date.

The 57-year-old was arrested earlier this month following an investigation by Derbyshire Police into his business, MG Financial Services.

His offences stretch back to 1992 and he had been telling clients their money was being invested with the likes of Prudential, Scottish Mutual and Standard Life.

Bill Taylor, prosecuting, said: "He got into financial difficulties. There was a time when he was sort of robbing Peter to pay Paul.

"Later that turned to forging documents of a financial nature to keep the business going.

"He got to 2011 and realised he could not go any further and handed himself into the police, and the police started what was a fairly large investigation."

The court was told 37 former clients of Green had been identified as victims, with 34 of them making formal complaints against him.

Green was released on bail is due to be sentenced on 24 February.