Partly Cloudy

Partly Cloudy

max temp: 23°C

min temp: 16°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

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

11:23 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.

0 comments

Two sons setting off on fundraising bike ride after their Bury dad (Garry Barker) died from an extremely aggressive form of cancer. Setting off from Ram Meadow.

The family of a Bury St Edmunds stalwart have spoken of the aggressive cancer that devastated their lives after the previously healthy 60-year-old died just weeks after his diagnosis.

Star Wars day at Braintree District Museum

Stormtroopers, Darth Vader and even a Wookie greeted museum visitors at a themed event.

Suffolk County Council chief executive Deborah Cadman.

Suffolk County Council’s chief executive is to take on a similar role at two district councils after being temporarily appointed the role.

An ambulance. File picture

A man has been injured after falling down a flight of stairs near Abbots Road in Colchester today.

Abellio Greater Anglia

A fault with barriers at a level crossing between Diss and Stowmarket is causing trains to run at a reduced speed on all lines.

The A12.

Drivers are currently experiencing long delays on the A12 after a vehicle, thought to be a car, broke down on the road earlier today.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24