Fraudsters who targeted more than 150 victims in £6m investment scam jailed

Fraudsters who targeted more than 150 mainly elderly victims in a £6m investment scam have been jailed.

Police said the gang befriended some of the people they scammed – most of whom were aged between 60 and 90 – forged documents and impersonated insurance brokers in order to steal cash.

One woman said she was “hounded” into parting with her savings as they used high-pressure sales tactics to push them into handing over money.

The operation was run by mastermind David Clarkson, 70, while Lillian Milner, 57, bought herself a Porsche as many unsuspecting victims lost their life savings.

Clarkson, from Blackburn, Lancashire, was jailed for seven-and-a-half years at Southwark Crown Court on Tuesday after admitting conspiracy to defraud, money laundering and perverting the course of justice at an earlier hearing.

Five others were found guilty of various offences after a six-month trial.

Milner, from Rossendale, Lancashire, was jailed for five-and-a-half years for conspiracy to defraud and money laundering, while her husband Graham Milner, 55, was handed a three-and-a-half-year sentence for money laundering.

Mark Fallon, 60, also from Rossendale, was sentenced to four-and-a-half years, and solicitor Anthony Flaton, 39, from Winchfield, Hampshire, was jailed for five years after being found guilty of conspiracy to defraud and money laundering.

Clarkson’s son Paul Clarkson, 46, from Clitheroe, Lancashire, was sentenced to 20 months’ imprisonment, suspended for two years, and ordered to carry out 180 hours of unpaid work, after he was convicted of money laundering.

Detective Constable Jay Smith, from City of London Police, said: “These fraudsters stole life savings from hundreds, abusing their trusted positions out of pure greed.

“Clarkson, in particular, showed no remorse – cloning a regulated insurer and impersonating the broker to trick victims and later forging medical documents to avoid trial.

“Faced with overwhelming evidence, he eventually pleaded guilty.

“I thank the victims and their families for their strength and co-operation, and we remember those who sadly passed during the process. I hope this result brings some comfort.

“We remain committed to pursuing those who abuse trust and exploit the vulnerable. Let this case be a warning: you will be found, prosecuted and convicted.”

The police investigation was launched when suspicious payments were made by a company called Sable Intl Ltd to a newly formed law firm in August 2016.

Sable claimed to invest in property, and opened a £3.5m bond scheme offering fake returns of 7% to lure in victims.

In reality, none of the investments were genuine, with the trio using internet advertising, cold calling and company brochures to convince victims.

One victim said in his impact statement: “I have found it increasingly harder to face the day and rarely have a good night’s sleep with difficulty finding the motivation to get on with the daily tasks at hand.

“Dealing with this case has been very overwhelming and mentally consuming, often leaving me feeling very depressed with a general loss of faith in humanity.”

City of London Police and bank staff managed to recover more than £2m of the stolen money.