Brothers conned elderly out of £17m
DEREK Secker, 86, was one of 239 pensioners conned out of £17million by two brothers who spent their victims’ retirement savings on a millionaire lifestyle which included a £1million house, £80,000 in collectible watches and a £45,000 boat.
Alan Taylor, 38, of Norwich, and Russell Taylor, 37, of Mundesley, were jailed in 2018 for six and five years respectively, after admitting the fraud at Norwich Crown Court. The pair used their retired father’s company Taylor and Taylor Associates to persuade clients to invest. They set up another company called Vantage Investment Group and transferred clients’ money into a high risk trade.
If the investments paid off they would take 20 per cent of the profits. However, any losses were effectively funded by the client.
Mr Secker lost £100,000 from his pension pot and “hundreds of thousands of pounds” after being told his investment had been devalued by 45 per cent. He said: “It sent shock waves through me. I felt sick – it’s affected my children who I intended to leave it to.”
More than 20 years ago, Mr Secker and his late wife began investing with the Taylors’ father Richard, a well-respected figure.
The problems began when he handed over the reins to his two sons who then ran Taylor and Taylor Associates.
Mr Secker said: “Their father would turn in his grave if he knew what his children had done.
“They had my complete trust and they let me and lots of other people down.”