Fraudster brothers who conned elderly victims into investing millions in risky ...

Fraudster siblings who conned elderly victims out of thousands of pounds by persuading them to invest nearly £17 million in a high risk investment scheme have been jailed.

Brothers Alan and Russell Taylor paid themselves hundreds of thousands of pounds in commission, while their clients lost more than £5 million between 2008 and 2015.

The fraud paid for them to enjoy a lavish lifestyle which included paying more than £150,000 for a private jet to take them on luxury holidays.

Married father-of-two Alan Taylor, 38, was jailed for six years and his brother, 37-year-old Russell, who lives in a barn conversion with his partner and child near Mundesley, Norfolk was jailed for five years at King's Lynn Crown Court.

37-year-old Russell, who lives in a barn conversion with his partner and child near Mundesley, Norfolk was jailed for five years

Alan Taylor, 38, and 37-year-old brother Russell lived lavish lives while they gambled with the savings of pensioners who had trusted their family business

Alan Taylor bought an Aston Martin Virage Volante with a personalised number plate for £150,000 and spent £80,000 on high value watches from Patek Philippe and Rolex.

The pair also bought luxury homes and a £45,000 boat through their business, and leased other cars including BMWs and a Range Rover.

The pair turned to crime after they took over the business of their late father Richard who was a respected independent financial advisor in Norfolk.

Judge Antony Bate described their fraud as 'a gross breach of trust' which had 'a profound financial and emotional impact' on their victims.

The court heard that they talked many of their father's 239 trusting clients into moving their cash out of relatively safe pensions and investment funds to instead put their money into a so-called Vantage Investment Group fund.

A collection of watches owned by Alan Taylor, seized by police are worth around £80,000

A collection of watches owned by Alan Taylor, seized by police are worth around £80,000

The brothers who traded as Taylor and Taylor Associates gave the false impression that the fund was low risk and offered higher returns.

Clients who wanted a safe haven for their money were not told that the Vantage Investment Group was actually a high risk venture run by the brothers.

The brothers used the £16.8 million which was invested to bet on daily changes in share prices which could achieve high returns, but carried a risk of big losses.

Police described the scheme as 'a win-win' situation for the brothers because they pocketed 20 per cent of any profits while not being liable for any losses which were funded solely by their clients.

King's Lynn Crown Court heard that they had limited financial expertise, with Alan having left school with just one GCSE - a 'D' grade in Economics.

Prosecutors said the brothers ran a seven year scam to 'line their own pockets' and they gambled their clients' futures 'on the spin of a roulette wheel'.

The brothers had initially pleaded not guilty to a string of fraud offences, but changed their plea to guilty to conspiracy to defraud in March.

The £1m home in Witton, Norfolk which was bought by Russell Taylor as he was gambling with pensions of the people in his own community

The £1m home in Witton, Norfolk which was bought by Russell Taylor as he was gambling with pensions of the people in his own community

The judge told the pair that they had cheated the 'loyal, local clientele' built up by their father who had a 'cautious and measured approach to risk'.

Clients were also charged an annual management fee for investing in the fund run by the brothers from offices in Hoveton, Norfolk.

They were also given false statements about the value of their investments, leading many to believe that they had been making profits.

An earlier hearing was told that the brothers had paid themselves generously, taking fees of £670,381 in the year 2011 to 2012 alone.

The scheme began to unravel after the Financial Conduct Authority began an investigation.

It led to the FCA ordering the price of units in the fund to be cut by 46 per

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