Partly Cloudy

Partly Cloudy

max temp: 5°C

min temp: 1°C

Search

Ipswich/Frinton: Trusted trader compared to Bernie Madoff faces jail over £3.3million con

11:23 15 February 2013

Financier facing jail

Financier facing jail

Archant

A FORMER City trader is facing jail after admitting a multi-million pound fraud, which saw him dubbed the ‘Bernie Madoff’ of Frinton-on-Sea.

Ian Dickinson, of Nacton Road, Ipswich, conned friends and colleagues out of £3.3million with promises of swift and impressive returns on their money.

However, despite members of Frinton’s rotary, golf, cricket, and tennis club’s placing their trust in the 50-year-old, Dickinson is said to have used their money to fund a lavish lifestyle.

Dickinson – a former Frinton Rotary Club president was a trusted member of Frinton’s social set.

For several years he took advantage of his friends and acquaintances without them realising their money was not being invested.

The con is known as a Ponzi scam, where any payouts to investors come from the money which has been put in by other more recent investors.

Yesterday Dickinson pleaded guilty to two fraud-based charges and was warned he faced jail when his case was adjourned for sentencing by Chelmsford Crown Court.

He admitted participating in a fraudulent business carried on by a sole trader.

This offence related to the period between January 15, 2007, and November 16, 2010.

Dickinson also pleaded guilty to not being authorised in relation to a regulated activity between January 1, 2005, and November 16, 2010.

His downfall came following a long-running investigation by Essex Constabulary.

Dickinson was originally arrested in March 2011. He was charged last September.

Dickinson, who ran his business FX Trading from his former home in Fourth Avenue, Frinton, was the town’s Rotary Club president from 2004-2005.

His sentencing was adjourned until sometime in the three weeks commencing March 25.

Bernie Madoff was one of the top Wall Street financiers who ripped off his wealthy clients for $65billion.

The 74-year-old is currently serving a 150-year jail sentence in a US Federal prison.

0 comments

A seven-year-old girl was taken to hospital after the car she was travelling in came off the road and hit a wall.

The Brewery Tap in Cliff Lane is the only food outlet in Ipswich to receive zero stars out of five following a visit by food hygiene inspectors.

Ed Sheeran may soon be performing live on stage once more – hot on the heels of his latest album’s release.

All the glitz and glamour of Las Vegas is coming to Trinity Park next month to raise cash for Ipswich youngster George Woodward.

A crash has partially blocked the Copdock interchange.

A new project which aims to highlight the importance of reading is proving a page turner in the latest chapter of one Ipswich school’s story, as youngsters and staff alike are encouraged to ‘drop everything and read’.

Motorists in Suffolk and Essex who use Morrisons petrol stations may find the pumps run dry next month if a dispute over a driver’s pay leads to industrial action.

An 80-year-old man with a previously unblemished record has admitted racially aggravated common assault after an argument following an accident.

The funeral of Status Quo guitarist Rick Parfitt who played regular in Ipswich will take place this afternoon following his death on Christmas Eve.

The owner of a fire-damaged Suffolk pub has expressed his willingness to sell the historic building to a community group wishing to take it on.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24