Partly Cloudy

Partly Cloudy

max temp: 19°C

min temp: 10°C

Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Frinton/Ipswich: Five-year sentence for ex-City broker

11:30 27 March 2013

Ian Dickinson

Ian Dickinson

A FORMER City broker who conned his friends and family out of £3.3million has been sentenced to five years in prison.

Ian Dickinson, 50, of Nacton Road, Ipswich, used investors’ cash to buy cars, a large house and fund private education for his two children when he lived in Frinton.

Over a five-year period 113 people invested money into Dickinson’s Ponzi scheme, with 86 losing all or some of their cash.

The investments ranged from four-figure sums to £881,000, and were made up of people’s life savings, mortgages and pension schemes.

A court heard that Dickinson was a high-profile member of the seaside town’s community who showed all the signs of being a successful businessman, having previously worked as a broker in the City.

In 2005 he set up his own foreign exchange investment scheme, promising huge returns.

But Dickinson only invested a fraction of what he received and used new payments to pay off earlier investors.

In total he received £11m but less than £8m was returned.

A judge at Chelmsford Crown Court described the case as a “shameful scam” made worse because so many of the victims were childhood friends and close acquaintances of Dickinson.

Many of them included fellow members of the seaside town’s golf, cricket and Rotary clubs.

In November 2010, Dickinson was found by police at his home having tried to kill himself from an overdose. He was later declared bankrupt and charged.

Dickinson was sentenced yesterday at Chelmsford Crown Court, having previously pleaded guilty to carrying on a business for a fraudulent purpose and being involved in unregulated financial activity when not permitted.

The court also heard that he had been receiving state benefits and was now separated from his wife.

Passing sentence, Judge David Turner QC said: “The figures speak for themselves and the legacy of distress and loss are made all the worse because many of those people were friends and acquaintances, social contacts and others who you knew through substantial network you built up in Frinton.”

He said Dickinson was perceived as trustworthy but had a taste for the good life which led him into temptation.

“This was a shameful scam playing on the trust and admiration which your social circle had for you,” he said. “Investors were close friends and, in some cases, members of your own family.

“You robbed Peter to pay Paul. You parried when people wanted their money back. You got more money in to create an illusion of profitability.”

He said the financial benefits to Dickinson were hard to quantify but must have been significant.

He said: “The money was used to support a lifestyle of substantial property, cars and education for your children.”

Other victims included a man who invested £765,000, almost half of which was from a pension fund, and only received £234,000 back.

Judge Turner added: “This has been described as a Ponzi scheme under the guise of a foreign exchange trading scheme but labels don’t matter – what you did matters and you took money from investors in very substantial quantities, investing only a fraction of what you took.

“It’s plain that, whatever your motivation, you left an appalling legacy of anxiety, stress, sleepless nights, depression, extreme financial hardship and a profound sense of anger.”

1 comment

  • He'll be out in 3 years which means he will have earned £1 million per annum while he's in jail. That's British justice for you !!

    Report this comment

    Roger Baker

    Wednesday, March 27, 2013

Spectators enjoying a rainy Ipswich Music Day in 2015.

Thousands of people are expected to flock to Christchurch Park this weekend for one of the most celebrated events in Ipswich’s summer calendar.

Two vehicles have collided in Wickhambrook.

A woman has sustained a minor head injury during a two-vehicle crash in west Suffolk tonight.

Rogue trader fined

A internet rogue trader has been told to pay nearly £51,000 for selling unsafe medical equipment and children’s scooters from his Ipswich warehouse.

Rudimental were at Thetford last night

Two years ago Rudimental were performing on the Pyramid Stage at Glastonbury when it was powered down because an electrically charged storm was exploding overhead.

Traffic lights at Wherstead Road bridge caused chaos.

Network Rail’s top manager in East Anglia has issued an unreserved apology after engineers working for his company brought Ipswich town centre to a standstill on Thursday evening.

Anyone with information is asked to call police on 101.

Help is needed to trace a man who approached a teenage girl as she walked home in Ipswich.

Pigs Gone Wild sculptures being delivered to the streets of Ipswich

This week Suffolk has seen pigs pop up around town, James May officially unveil a new motorcycle museum and ITFC begin their pre-season training. To catch up on all the latest, watch this week’s news in video.

Centennial commemoration of the start of the battle of the Somme at Long Melford War Memorial at Holy Trinity Church.

The great-nephew of a Long Melford soldier who fought at the Battle of the Somme described the “humbling” experience of blowing on the same whistle his ancestor used to send men over the top.

East of England Ambulance Service attended the crash.

Police and ambulance crews attended a two-vehicle crash this afternoon.

Faulkeners Way, in Trimley

Police want to trace a man with a blond quiff who pulled up alongside a 10-year-old boy in black panel van and spoke to him outside a play area in Trimley St Mary.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24