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IOU, says 10m fraudster

Financial adviser and Halifax agent Graham Price left an IOU for 7m in the branch safe – after stealing almost 10m to fuel his horse racing obsession.

Swansea Magistrates Court heard that over four years, Price took money from the safe and also diverted funds from private investors’ accounts. In one nine-day spree he is thought to have stolen 3m.

The scam was discovered when an auditor visited the branch unannounced and opened the safe to find it empty except for a note saying: “I have borrowed 7m from Halifax.”

Price worked as an agent for Halifax and ran the business from his Swansea office, where he also had his own financial consultancy. In 2001 he started stealing cash from the accounts of 85 private investors who had believed their money would grow. He had also launched another scam 18 months before he was arrested, whereby he transferred Halifax money into his own account.

Halifax has frozen the victims’ assets while the case is investigated.

Jason Clarke, spokesman for Halifax, says: “He has committed frauds including promising people amazing returns on investments. He was fixing it so money appeared to go into these people’s account while in reality it did not. We have informed the clients of this. We are not claiming any of their money back but simply making them aware their money was not deposited.”


IF revises fixed rate products

Intelligent Finance will be revising its fixed rate mortgage products from Sunday. The changes will see the withdrawal of the five-year fixed rate product, repriced two-year fixed rate products and the introduction of three year fixed rate products.The new non-offset fixed rate range includes two products, the two year fixed 80 with 4.59% until February […]

Online offer from Advantage

From Monday October 10 2005, Advantage Home Loans will be giving brokers who submit e-DIPs via its website an additional e-DIP premium of between 0.05% and 0.25% per completion The offer applies to over 2,000 branded products, the only proviso being that the DIP is initially submitted on or after the October 10 2005 until […]

Don’t call my customer, call me

Calls from lenders trying to cross-sell insurance intimidate borrowers, undermine advisers’ relationships with their clients and show what lenders really think of us, says Sue Read

Website can help you avoid using unpopular 0870 numbers

From Jim Gillespie The infamous 0870 telephone numbers are still used by countless life offices, lenders and even networks, despite their unpopularity with the public and brokers. But there is something we can all do to minimise the chances of having to pay 0870 call charges again. Take a look at the excellent website, […]


Pension over-taxing

800,000 people are at risk of being over-taxed on their pensions, writes Steve Webb, director of policy at Royal London Hundreds of thousands of people receiving company and personal pensions should check their tax code to make sure that they are not being over-taxed, according to a leading pensions firm. Mutual insurer Royal London has […]


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