Financial advisor jailed after £2m fraud spree

A financial advisor defrauded a charity, his friends, neighbours and his clients out of almost £2m by telling people he needed a loan to pay for a divorce or inheritance payment.

Timothy Barnes defrauded 34 people, a charitable trust he was the chairperson of, as well as the residents' association of an estate where he was living.

The 68-year-old falsely promised people he would pay them back within a few days, which he would confirm in writing by email or a signed document.

Barnes, of Charland Court, Droitwich, was jailed for 11 years at Worcester Crown Court on Friday, after pleading guilty to almost 40 charges of fraud at a hearing last September.

His spree started in November 2022 when he approached people he knew to ask for a short-term loan.

The qualified financial adviser then began starting to approach his clients, using his knowledge to secure loans, West Mercia Police said.

He also created false documents, again to obtain further funds, eventually defrauding 34 people and securing £1,754,736.68 from them.

Barnes was also the chair of a well-known charitable trust and had access to the accounts.

He duped trustees into believing £206,500 would be used for the charity - instead paying the money into his own account, according to police.

In addition to this, he also took money from a residents' association in an estate where he was living and transferred £1,245 into his own account.

By the end of May 2023, Barnes had stolen approximately £1,962,481.68, from a total of 36 victims, the force said.

Police said Barnes had been investing the money he had stolen into his crypto wallet.

Barnes was arrested on 19 December 2023 on suspicion of fraud and money laundering offences.

He admitted 34 counts of fraud by false representation, three charges of making or supplying an article for use in fraud and two counts of fraud by abuse of position.

Det Sgt Bev Hamilton said Barnes "abused his position of trust" to take advantage of his victims.

"Over an 18-month period, Barnes had stolen nearly £2m from a total of 36 individuals and organisations alike, causing significant harm across both his personal and professional circles," she said.

"The actions of criminals like Barnes can have a big impact on lives, businesses, and communities of those they prey upon."

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