Brothers who conned millions from clients face sentence

Russell and Alan Taylor arriving at King's Lynn Crown Court. Credit: ITV News Anglia

Two brothers who were financial advisers in Norfolk, are appearing in court after conning almost 250 of their clients out of millions of pounds.

Alan Taylor, who's 38, and 37-year-old Russell Taylor, had already pleaded guilty to defrauding those clients and over the next few days at King's Lynn Crown Court they will be sentenced and have their assets confiscated.

Prosecuting barrister Collingwood Thompson QC said the brothers took over from their father Richard who had built up a loyal, local clientele who trusted him implicitly.

Many of those were happy to leave their financial affairs to the brothers but it proved to be a disaster, said Mr Thompson.

"They relied on the goodwill and integrity of the defendants but sadly those clients were sadly mistaken and they were subjected to a wholesale betrayal of trust," he added.

The Taylors were directors of Taylor and Taylor Associates and they set up their own unclassified fund called Vantage Investment Group.

The brothers are being sentenced at King's Lynn Crown Court. Credit: ITV News Anglia

Judge Anthony Bate heard most of the clients wanted either low or medium risk on their pension investments but the brothers placed their money in a high risk fund.

"They were dishonestly keeping from their clients that it was high risk and their own involvement in Vantage.

"A less suitable pension fund would have been hard to find," said Mr Thompson.

Betting on the wrong movement on the financial markets proved disastrous. Taylor and Taylor Associates ceased trading in 2015, with clients' pension funds being devalued by 46 per cent. The losses amounted to 17 million pounds.

The brothers have been remanded in custody.