Sent to jail for £220k spread betting loss

Cancer sufferer among market cash scheme

A retired chartered surveyor has been jailed for 27 months after costing clients more than £220,000 in a failed market spread-betting effort.

Peter Plimley (68) formerly of Kinfauns, near Perth, convinced his victims into believing his scheme couldn’t fail.

But it began to make huge losses and he eventually sent an email to his clients telling them all of their cash had been lost in a single day.

At a previous court hearing, the accused said the money had “gone in 30 seconds” after a collapse in the money markets.

Among those who lost out was a breast cancer sufferer who had invested £28,000 of her critical illness payment.

Relatives delayed telling her what had happened to her cash as she was undergoing treatment at the time.

Others who lost substantial amounts were Plimley’s brother-in-law (£33,000), his ex-wife (£20,000) and son (£16,500).

Plimley and his 61-year-old wife Wendy, previously of Church Road, Kinfauns, had both denied that between December 1, 2011, and December 1, 2013, they organised an account with IG Index Limited and engaged in a scheme of spread betting on various financial markets.

The couple, now living at Craigdhu Road, Newtonmore, were originally accused of embezzling a total of £345,359 from 13 different investors.

Wendy Plimley had her not guilty plea to the charge accepted at Perth Sheriff Court earlier this year and her husband admitted obtaining a reduced sum of £228,359.

Four of the investors had received their initial sums back, along with substantial profits.

But he had made a profit from only three investment periods - and had lost cash on 42.

On Wednesday, David Holmes, representing, said Plimley’s crime was not like an ordinary case of embezzlement”.

“It was a form of gambling, but when things were not going well he did not stop. “He did not do it for personal gain.” Referring to reports to assist with her sentencing , Sheriff Gillian Wade read out that Plimley felt it wasn’t a “big crime”.

Passing sentence, the sheriff said: “It is clearly regrettable that a man of your history should find yourself in this court.”

She added that custody was the only appropriate disposal for the case.

As the accused was taken away in handcuffs one woman addressed the sheriff to compliment her on the decision.