Fraud victims share swindler's assets

A Shropshire financial advisor who swindled more than £1.1 million from investors has been ordered to pay just over £110,000 to his victims.

Michael Tomlinson was brought before Shrewsbury Crown Court yesterday after an application was made under the Proceeds of Crime Act.

The 58-year-old, of Pillory Street, Nantwich, was jailed for six years and eight months in July this year.

He had previously admitted 21 offences of obtaining money transfers involving sums ranging between £8,000 and £192,000 by deception.

The offences dated between December 1997 and September 2005.

Tomlinson had also admitted knowingly being party to the carrying on of Acorn Holdings, trading as Acorn Growth and the One Group in Cheshire Street, Market Drayton, for fraudulent purposes, by defrauding investors of the company.

Yesterday Judge Robin Onions gave Tomlinson 12 months to pay £113,235.22p to be divided proportionally to his victims after hearing about what assets he had.

Miss Jane Osborne, prosecuting, outlined the assets financial investigators had worked out Tomlinson had.

They were cash assets which totalled £28,160.72, pension funds of £71,841.71, while two hidden assets of £532.68, which were from Standard Life shares, and £11,720, which was withdrawn from the Cheshire Building Society by Tomlinson, were found.

She said 11 of Tomlinson's victims had not recovered all the money they had lost, ranging from those who were swindled of £1,173 to £144,000.

Judge Onions said Tomlinson had been in breach of a restraint order when he withdrew the £11,720 sum from the building society.

The court heard it was likely Tomlinson would have to raise a loan to pay the money.

Judge Onions warned the defendant he would face another three years behind bars if he defaulted on the payment.

Mr Mark Connor, for Tomlinson, said there had been a thorough investigation by the police and it was his submission if there were any other assets they would have been found.

A previous court hearing heard the losses had had devastating effects on Tomlinson's clients.

By Lisa Rowley