Staffordshire businessman in £478,000 frauds
A crooked financial advisor defrauded a string of victims out of hundreds of thousands of pounds after claiming their money would be invested in property schemes and solar panels- before pocketing the cash.
Mark Lewis had promised to invest money from more than half a dozen different people in a series of frauds that spanned more than four years.
The 50-year-old, of Hednesford, claimed each of his victims would be repaid with additional interest - in some cases of around 25 per cent.
Lewis appeared at Stafford Crown Court yesterday and admitted misleading eight different victims in frauds which amounted to £478,000.
In some cases, Lewis claimed the money would be invested into properties that would be renovated and sold on at a profit in order to get a financial return.
Prosecutor Mr Rupert Jones said many victims, who come from all over the West Midlands, were retired and some of them had even lost their life savings.
One, Raymond Morris, was told by Lewis that he intended to invest more than £150,000 of his money in property or land schemes and he would be repaid with an interest rate of up to 20 per cent.
Another, John Burke, was conned after being told his £130,000 would be used to purchase properties which would be renovated and sold on to make a profit.
He was promised a return with an interest rate of almost 20 per cent.
Lewis told other victims he would invest their money in the supply of solar panels.
Mr Jones said: "He was taking money from people telling them it would be invested in property and later in solar panels.
"He was offering people unreal rates of return.
"Some people lost their life savings. There was also a lot of retired people who were targeted."
Lewis, of Oakdene Close, Hednesford, appeared at Stafford Crown Court yesterday wearing a blue suit and tie.
He spoke only to confirm his name and admitted 16 charges of fraud, which spanned from May 2008 to September 2012, during the hearing.
Officers from both Staffordshire and the West Midlands had investigated the matters.
During yesterday's hearing, Lewis was represented by Mr Anthony Bell.
The case was adjourned for a pre-sentence report to be prepared.
Lewis will be brought back to Stafford Crown Court to be sentenced on May 28 and was given conditional bail until the hearing.
Adjourning the case, Judge Mark Eades gave no indication as to the sentence Lewis should expect to receive.
