20th March 2015
A financial adviser who conned pensioners out of more than £5 million will only have to pay back £1 because he is now bankrupt.
Adviser Terry Warrington ran an investment company that sold fixed bonds, which pay an income, to dozens of elderly people who gave him their life savings.
However, they were left with nothing after their investments were lost and Warrington was jailed for four-and-a-half-years in January last year. He admitted charges of fraudulent trading, theft and operating while unregulated.
And there is now no chance of getting their money back as Warrington has been declared bankrupt at a proceeds of crime hearing at Preston Crown Court, and has been made to pay back just £1, despite benefitting from £5 million when the scam was running.
Warrington, along with his business partner Malcolm Barber, ran an investment company for 25 years but the scam was brought to light in 2007.
Another investigation will now be launched into Barber’s assets to try and ascertain how the pensioners can get their money back. Another hearing will take place in September.
A Crown Prosecution Service spokesman said: ‘Should Terry Warrington come into any money in the future, that will be confiscated.’