York financial advisor jailed for defrauding clients
A York financial advisor who defrauded his clients out of £160,500 has been jailed for 18 months.
Michael Bains, 47, of Hamilton Drive East, York pleaded guilty to six counts of fraud at York Crown Court.
The court heard that Bains was heavily in debt after spending more than £100,000 on gambling and hiring female escorts.
He persuaded people to invest money in non-existent property development and investment schemes.
North Yorkshire Police said one of his victims was a 58-year-old woman from Hertfordshire who lost her life savings of £100,000.
Det Sgt Edwards from the Financial Investigation Unit, said: "Bains has used his position to convince people who trusted him to invest their life savings wisely.
"He has cynically used their hard earned cash to indulge his obsession for gambling and escorts. There was no investment scheme only other victims to repay.
"He has now declared himself bankrupt so there is little chance that the victims of the fraud will receive any compensation."