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  1. ITV Report

Brothers admit fraud netting more than £17 million

Two brothers from Norfolk have admitted defrauding more than 200 people out of millions of pounds.

They used the cash to fund a lavish lifestyle including expensive cars and a private boat.

Russell Taylor (left) and Alan Taylor (right)

38-year-old Alan Taylor from St Stephen's Road in Norwich and Russell Taylor who is 37 and from Trunch Road in Mundesley used their company Taylor & Taylor Associates Ltd to scam clients out of vast sums of money between 2008 and 2015.

The brothers fraudulently produced client records and misrepresented documents and persuaded their clients, who were often elderly and vulnerable, to sign them in order to gain access to their pension funds.

Without the clients' knowledge, they then transferred the money to another company they owned, Vantage Investment Group Ltd., and placed them in a high-risk finance scheme.

It was a win-win situation for the two men - if the investments paid off they would take 20 per cent of the profits, and any losses were effectively funded by the client.

On average each client lost almost half of their total pension funds.

"The Taylor brothers greatly abused the trust their clients had in them and invested their hard-earned money into a high-risk investment scheme akin to a roulette wheel. All this was for their own personal gain - to fund their lavish lifestyle and tastes, with the brothers splashing out on purchases such expensive cars and even a private boat. I'm pleased that both men have pleaded guilty, saving the victims the further trauma of having to give evidence in court. We are determined to tackle criminals such as the Taylors who think that they can use deception to help themselves to other people's money. I hope this shows that ultimately, crime will never pay."

– Detective Chief Inspector Liz Fernandes

"Alan and Russell Taylor defrauded their own clients of over £17 million - a staggering amount of money and a disgusting breach of trust. The Taylor brothers were relentless in obtaining access to more of their client's pension funds and savings in order to keep their scheme operating as it was helping fund a lifestyle that they otherwise could not afford."

– Detective Constable Ian Webb