A former tied adviser who defrauded a friend out of £22,000, pocketing £10,000 for himself, has escaped jail but must repay the money.
The Swindon Advertiser reports Declan Keating, of Oxford, pleaded guilty to fraud charges - dating back to 2007 - at Swindon Crown Court.
The former Allied Dunbar adviser had been friends with the victim for ten years when he asked her to invest in a new business, K2 Solutions. He had previously supplied her with legitimate advice, indicating the victim trusted him with money.
Two cheques, one for £12,000 and another for £10,000 were handed over in late 2007 but never used for business purposes. Keating disappeared in February 2008 and it took the victim two years to track him down.
The report said a police investigation found Keating used £12,000 to pay off an outstanding bill for building work, and the rest for his own purposes. About £800 was left over when police investigated.
Recorder Sam Parish gave Keating a 12-month suspended sentence and ordered him to pay back £25,000 within 50 months to compensate for loss, including interest.
He said: "You offered to pay this money back - the offer of repayment from a proven conman is suspect but the victim would rather get the money back."
