A Sheffield-based financial adviser has been jailed for over six years after he pleaded guilty to stealing more than £600,000 ($773,000, €702,000) from his own family members to fund a life of luxury.
David Nicholas King, who ran DNK Wealth Management, stole from his late grandmother’s life savings, and “frittered away” cash given to him by other members of the family, who thought he was going to invest it for them.
Instead, King spent the money on holidays, designer clothing, expensive cars, days out shooting and even a trip to the US to watch the Ryder Cup, according to the South Yorkshire Police (SYP).
He was sentenced to six years and four months in prison after pleading guilty to three counts of theft and one count of fraud by false representation.
Ultimate betrayal
Paul Douglas, detective constable at SYP’s financial crime investigation unit, said: “Alarm bells started ringing for King’s relatives when the family solicitor was contacted by HM Revenue and Customs raising queries about the bonds, suspecting the family was deliberately trying to conceal the money for tax avoidance purposes.
“Matters finally came to a head in September 2017, when family members wanted to confront King about various discrepancies in his stories about what was happening with the money.
“His mother called him and after asking what was going on, he replied: ‘Mum, you’re not going to like this but I’ve spent the money, and never invested the money from the sale of granny’s house.’
“Stealing his family members’ money in this way was the ultimate betrayal. All of them trusted King to invest their money carefully on their behalf as their financial adviser.
“Instead, he frittered it away on a lavish lifestyle he could not afford, treating himself to various exotic holidays, designer outfits and days out at an exclusive shooting range in north Yorkshire.”
Family affair
In December 2010, his grandmother’s home was sold and he was given £370,000 from the sale to invest in a bond for her children and grandchildren.
This was after two previous bonds King had set up with his grandmother’s savings, worth £140,000 and £280,000 respectively, had performed well.
King told his mother he had also started spending the money contained in the original two bonds.
The former financial adviser spent £20,000 of his mother’s inheritance from his grandfather, and £10,000 of his ex-Royal Marine brother’s savings.
An additional £35,000 was stolen from a close family friend, who he “had tricked into handing over funds under the guise they would be used as ‘bridging finance’ for one of his clients for a house purchase”.
The client never existed.
On several occasions, King had drawn up “bogus paperwork and documentation” to make it look like the various ‘investments’ were performing as planned.
Torn apart
Douglas added: “King’s offending has torn his family apart and they have all found it extremely difficult to come to terms with the fact they were lied to for years. In all this time, King has shown barely any remorse for his actions.
“And while I acknowledge the admissions he has made and his guilty plea, he only did this when he could no longer conceal what he had done.
“In the space of a few months, he wiped out what it had taken his grandparents a lifetime of hard work and thrift to accrue.
“The sentence is never going to undo the devastating impact King’s crimes have had upon his family.
“However, I am pleased justice has been done and King’s cruel crimes against those who should have been able to trust him have been exposed.”
