Ex-City trader charged

Former trader charged with multi-million pound fraud

A FORMER City trader from Suffolk has been charged with an alleged multi-million fraud which is said to have occurred when he ran his business from Frinton-on-Sea.

Although police have not released the man’s name, he is understood to be Ian Dickinson, who now lives in Ipswich.

Dickinson is due before Chelmsford Magistrates’ Court next month after being charged following a long-running investigation by Essex Police. The 49-year-old is facing two allegations with the total amount of money involved understood to be around �11million.

The accusation for the first alleged offence is said to date back to 2005, while the second is said to have begun in 2007.

One of the allegations is that Dickinson committed fraud, while the other relates to an alleged offence under the Financial Services and Markets Act 2000.

Dickinson was originally arrested in March last year, before being released on bail until further inquiries were carried out.

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Detectives were called in after accusations were made by alleged investors who claimed to have lost their money.

Dickinson, who ran his business FX Trading from his former home in Fourth Avenue, Frinton-on-Sea, had been a member of the town’s Rotary Club and was its president from 2004-2005. Members of the Rotary Club, and the town’s cricket and golf clubs, were all reported to have lost substantial sums when the allegations first surfaced.

Dickinson was on police bail until Thursday this week, and has now been charged.

Nishan Wijeratne, a spokesman for Essex Constabulary, said: “A man from Suffolk is due to appear in court next month after having been charged with two fraud offences.

“The 49-year-old man from Ipswich was arrested in March 2011 and was charged in September 2012 with one count of fraud relating to activity between 2007 and 2010, and an offence under the Financial Services and Markets Act relating to activity between 2005 and 2010.

“The man is currently on police bail prior to his appearance before Chelmsford Magistrates’ Court on Wednesday, October 24.”