Partly Cloudy

Partly Cloudy

max temp: 15°C

min temp: 10°C


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

Broomhill Swimming Pool in Ipswich has received a Heritage Lottery Fund grant. L-R: Robyn Llewellyn (head of Heritage Lottery Fund - East of England), Cllr Bryony Rudkin, Tim Mills, Garath Jones and Mark Ling.

Broomhill pool in Ipswich could reopen to the public at Easter 2018 – its 80th anniversary – after its re-opening proposals got the backing of the Heritage Lottery Fund.

Georgia and Jodie Mutch have lost 8.5 stone between them after joining Slimming World. The sisters are pictured in Ipswich. Georgis is on left on the latest photo

Jodie Mutch and sister Georgia are celebrating new slim-line figures after losing five stone and three stone respectively.

The Robin Hood Country Show will feature a jousting display.

Looking for something to do this weekend? Here are our top ideas.

One of the CCTV images police have issued in their search for a teenager who stole a bicycle from Grimwade Street, Ipswich

Police have issued CCTV images of a teenager they are keen to trace after a bicycle was stolen from Grimwade Street in Ipswich.

A car on Brackenwood Crescent has rolled into a house  causing minor damage.

A bearded dragon narrowly escaped unharmed, if a little bit shaken, after a car slammed into the front of a house in Bury St Edmunds earlier today.

Average speed camera.

Average speed cameras on the A12 on the Essex and Suffolk border have not yet been switched on – three months after they were installed.

The entrance to PPG Industries in Stowmarket. (File image from 2012)

Two males believed to be from Afghanistan have been arrested on immigration offences in Stowmarket this morning.

Airman 1st Class Darren Phillips, 48th Equipment Maintenance Squadron crew chief at RAF Lakenheath, who died in a motorcycle accident

A memorial service for a 20-year-old US Air Force airman who died after a crash near Barton Mills is being held.

Woodbridge Shuck Shellfish Festival

If you’d like to treat your tastebuds this weekend, you’re in the right place.

Thomas Harvey's winning entry in the Landguard Photography Competition 2015.

Stunning photographs of Suffolk’s most southerly point attracted big interest on-line with around 800 people voting for their favourite.

Most read

Most commented

Topic pages