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Ipswich/Frinton: Trusted trader compared to Bernie Madoff faces jail over £3.3million con

PUBLISHED: 11:23 15 February 2013 | UPDATED: 13:52 15 February 2013

Financier facing jail

Financier facing jail

Archant

A FORMER City trader is facing jail after admitting a multi-million pound fraud, which saw him dubbed the ‘Bernie Madoff’ of Frinton-on-Sea.

Ian Dickinson, of Nacton Road, Ipswich, conned friends and colleagues out of £3.3million with promises of swift and impressive returns on their money.

However, despite members of Frinton’s rotary, golf, cricket, and tennis club’s placing their trust in the 50-year-old, Dickinson is said to have used their money to fund a lavish lifestyle.

Dickinson – a former Frinton Rotary Club president was a trusted member of Frinton’s social set.

For several years he took advantage of his friends and acquaintances without them realising their money was not being invested.

The con is known as a Ponzi scam, where any payouts to investors come from the money which has been put in by other more recent investors.

Yesterday Dickinson pleaded guilty to two fraud-based charges and was warned he faced jail when his case was adjourned for sentencing by Chelmsford Crown Court.

He admitted participating in a fraudulent business carried on by a sole trader.

This offence related to the period between January 15, 2007, and November 16, 2010.

Dickinson also pleaded guilty to not being authorised in relation to a regulated activity between January 1, 2005, and November 16, 2010.

His downfall came following a long-running investigation by Essex Constabulary.

Dickinson was originally arrested in March 2011. He was charged last September.

Dickinson, who ran his business FX Trading from his former home in Fourth Avenue, Frinton, was the town’s Rotary Club president from 2004-2005.

His sentencing was adjourned until sometime in the three weeks commencing March 25.

Bernie Madoff was one of the top Wall Street financiers who ripped off his wealthy clients for $65billion.

The 74-year-old is currently serving a 150-year jail sentence in a US Federal prison.

The Orwell Bridge is expected to close for the third time this winter as high winds are forecast again on Wednesday night.

A mentally-ill Bury St Edmunds man accused of killing a 57-year-old man by stabbing him multiple times has admitted manslaughter on the grounds of diminished responsibility.

Essex Wildlife Trust has responded to reports that a black panther has been sighted in a rural village in the county.

Suffolk Day will take place on Thursday, June 21, this year - we asked people in Ipswich their favourite thing about Suffolk.

Feeling safe on the streets, career prospects and retirement plans are among the top concerns for women in Suffolk and Essex, a survey reveals.

Proposals to build a new multi-million pound rail depot on the Suffolk/Essex border at Brantham near Manningtree are being reconsidered by Greater Anglia.

A crash between a van and a car this morning has closed a rural Suffolk road.

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