Suffolk financial adviser jailed for £300k fraud

Norwich Crown Court was told how Durrant's fraud had "devastated" both the family firm's owners and clients

A financial adviser who stole £300,000 from his employers by conning elderly clients has been jailed for four years.

Gambling addict Luke Durrant, 31, from Ipswich, siphoned money from 16 vulnerable customers into an account he set up.

He admitted committing fraud while working for family-run financial advice firm Sophex Ltd.

Sentencing at Norwich Crown Court, Judge Stephen Holt said Durrant's crime was "nothing short of devastating".

As well as defrauding his customers, Durrant also took fees that should have gone to his employers, the court heard.

Norwich Crown Court heard Durrant was based at the Nacton branch of the firm, which also trades as Lifetime Financial Solution, near Ipswich.

Its owners were planning to make him a director until they discovered the fraud following a customer complaint in June 2018.

Their investigation led to the discovery of a bank account set up by Durrant with a name that was so similar to the firm's own account that it allowed payments to be directed to it.

Some of his scams included telling customers they had outstanding tax bills, for which he took payments totalling £260,000.

Durrant, who routinely earned nearly £140,000 a year, stole money between 2016 and 2018 to fund his gambling addiction, for which he has since sought treatment, the court heard. He worked for the firm for just under seven years.

Joint owner Angela Couling told the court she and her partner had trusted him like a family member and he even joined them on holidays.

Judge Holt said Durrant had shown remorse and admitted straight away what had happened.

All of Durrant's victims have been reimbursed by the firm and their insurers.