‘Lavish living funded by clients’ cash’

A ‘Walter Mitty’ finance consultant urged investors to remortgage their homes and give him the cash – promising them handsome returns, a jury has been told.

But Scott Baker of Downs Road, Canterbury, “frittered away” nearly £300,000, including £12,000 on a holiday for his family and friends in America, it has been alleged.

Baker, 51, who ran Westminster Consultancy from an office in Harbour Street, Whitstable, is accused of defrauding a widow and two retired teachers by never investing their money.

Prosecutor Abigail Husbands told a jury at Canterbury Crown Court that Baker, who denies five charges, was a “Walter Mittyesque character” who had created fake bank accounts to hide his financial dealing.

She claimed: “Westminster Consultancy purported to offer financial advice, particularly to people with debt problems.

“But in 2007 he had little money and needed money to fund his lifestyle, business expenses and to try and get an income for himself.

“He gained the trust of people, got them to remortgage their houses and then pay the money into bank accounts that he could access.”

Ms Husbands told the court that Baker promised to invest the money and earn up to 60% returns a year.

His ‘clients’ included widow Jacqueline Browne who handed over £177,000 to Baker, who appeared “knowledgeable and plausible”, and Brian and Maria Gannon gave him £103,000 to invest.

Ms Husbands said: “But that money was spent in various ways, overheads, and business expenses, which were taken out in cash leaving them with large debts on their homes.

The prosecutor said police raided Baker’s flat in Tilmanstone in 2010 where officers found papers, including fake bank accounts.

The trial, which is expected to last a month, continues.