PracticeAccounting FirmsInvestment adviser jailed for £10m fraud

Investment adviser jailed for £10m fraud

A fraudulent investment adviser has been jailed for a £10m following an investigation by the Serious Fraud Office, it was revealed today.

Graham Hammond, former chairman of investment marketing business FCS Fund Management, was today sentenced at a Norwich Crown Court to eight years’ imprisonment for a £10m high yield investment fraud promoted by his company. Judge Mellor found Hammond’s personal gain to be £1.3m.

Last May, Hammond pleaded guilty to all 20 counts on the indictment of furnishing false information. The case began in September 2000 after Hammond sent a letter to the SFO through his solicitor informing the authorities of fraudulent practice and his involvement in it, saying he had been in effect ‘robbing Peter to pay Paul.’

According to the SFO, the money raised funded his lavish lifestyle, as he opened a club in Bangkok called ‘Out of Bounds’, regularly visited casinos and stayed at luxury hotels.

FCS Fund Management, founded by Hammond, had offices in Norwich, Dubai and Hong Kong with clients in the UK, Europe and the Middle East. The company sold investment products and advised clients that, for high yield investments, could achieve returns of up to 20 %.

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