Two West Midlands financial advisers who duped elderly investors have been jailed for a “systematic and cynical” enterprise.
Gary Hexley, 51, and co-defendant John Cooper, 56, were found guilty of six charges and two charges respectively under the Financial Services and Markets act.
Birmingham Crown Court heard that Hexley, of Barton-under-Needwood, near Lichfield, had netted more than £74,000, while Cooper, of Sutton Coldfield, had gained more than £6,000 in commission when they were not authorised to give financial advice over an 18-month period.
More than 200 investors, including many elderly people in the West Midlands, suffered losses after the demise of Hexley's firm Greenfield International.
Hexley was jailed for two years and Cooper for nine months.
Sentencing Judge Michael Chambers QC said: “You each abused trust placed in you by clients for your own selfish ends.
“You did so in a cynical and systematic manner. This is by no means a victimless crime because elderly people were put at risk.
“Your activities came to an end purely because of the adverse publicity.
"Had it not been for this publicity I am quite satisfied you were each prepared to play a part in enabling this high-risk activity to continue.”