Man stole £600k from family to fund ‘lavish lifestyle’

UK
Man stole £600k from family to fund 'lavish lifestyle' 1

A financial advisor stole more than £600,000 from his own family to fund his “lavish lifestyle”.

Nick King, 38, of Eyam, Derbyshire, pleaded guilty to three counts of theft and one of fraud by false representation.

South Yorkshire Police said he had “torn his family apart” and spent their money on holidays, designer clothes and shooting trips.

He was jailed for six years and four months at Sheffield Crown Court.

King, previously of Sheffield, had been given £370,000 in 2010 from the sale of his grandmother’s home to invest in bonds for her children and grandchildren, police said.

It came after two bonds he had earlier set up with his grandmother’s savings, worth £140.000 and £280,000, had performed well.

‘Ultimate betrayal’

Det Con Paul Douglas, of the force’s financial crime investigation unit, said King’s family had become concerned when tax authorities questioned the bonds.

“His mother called him and after asking what was going on he replied, ‘Mum, you’re not going to like this but I’ve spent the money, and never invested the money from the sale of Granny’s house’,” he said.

King, who ran his own business, told his mother he had also begun to spend money from the original bonds, he added.

He also spent £20,000 of his mother’s inheritance from his grandfather, £10,000 of his brother’s savings and £35,000 from a family friend.

“Stealing his family members’ money in this way was the ultimate betrayal,” Det Con Douglas said.

“He frittered it away on a lavish lifestyle he could not afford, treating himself to various exotic holidays, designer outfits and days out at an exclusive shooting range in North Yorkshire.

“King’s offending has torn his family apart and they have all found it extremely difficult to come to terms with the fact they were lied to for years.”

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