Financial adviser jailed for £750,000 fraud

A former financial adviser who conned his clients out of nearly £750,000 has been jailed for more than 10 years.

Peter Dilenardo, 50, of Burley-in-Wharfedale near Ilkley, was convicted of eight fraud offences after a trial.

At Leeds Crown Court he was jailed for a total of 10 years and three months, and banned from being a company director for nine years.

Police said he had worked as an independent financial adviser who was authorised to give investment advice about products regulated by the Financial Conduct Authority.

But when that authorisation ended in 2014, he continued to advise clients to take money out of regulated funds and invest them in his company – Orion Financial and Luna Property Management, based in Otley.

He conned his victims from around the UK out of a combined £747,000.

Dilenardo then sold his client portfolio despite a restraint order, and paid more than £100,000 worth of proceeds into UK and US accounts.

After a nine-week trial, he was found guilty of eight fraud offences including abuse of position and false representation, selling client bank accounts, forging signatures, carrying out a regulated activity unauthorised, and perverting the course of justice.

He also admitted a ninth offence of contempt of court.

Ramona Senior, head West Yorkshire Police’s Economic Crime Unit, said:  “Dilenardo has been sentenced to a total of 10 years three months after a long trial and challenging investigation made more difficult at every turn by the defendant.

“He showed a complete disregard for his victims and the financial hardship and stress caused in defrauding them of over £747,000.

“If you’re considering any type of investment, always remember: if it seems too good to be true, then it probably is.  Check the credentials of the company or individual you are dealing with and don’t agree to deals straight away.  Take time to consider an offer and seek independent advice.  Be particularly cautious when investing your money in land, carbon credits, wine or precious jewels/metals.  Make sure any sites you invest through are genuine.  Visit the Financial Conduct Authority’s ScamSmart site for advice on making safe investments.”

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