A financial adviser who fraudulently obtained more than £158,000 from clients has been warned she is likely to face custody.
Forty-three-year-old first offender Angela Lauder of Victoria Crescent, Selkirk, appeared on indictment at the town’s sheriff court on Monday and admitted obtaining £158,666 by fraud from Friends Provident between May 2008 and October 2010 at Dunsdale Road, Selkirk.
Lauder was acting for a husband and wife when she repeatedly pretended to the company that the couple had signed documents authorising the withdrawal of sums from their investment fund, which were then paid into her own account.
“She was acting in her capacity as a financial adviser to the couple,” explained depute fiscal Tessa Bradley.
“In 2007, they sold land and had £1.7 million from that sale which they wished to invest.
“They were introduced to the accused, who was trading as an independent financial adviser, by their accountant.
“Over a period of time, they invested about £700,000 with her assistance,” added Ms Bradley.
“They were happy with the service provided by the accused and had no cause for concern,” continued Ms Bradley.
The court then heard that when the couple retired, they had a lump sum they wished to invest, which was placed in a high-interest account on Lauder’s advice.
When they checked the paperwork, they noted a 3 per cent commission to the accused.
“She said that was just an error, but in February 2013 when they met with their accountant, they voiced some dissatisfaction with the accused, particularly a general lack of contact,” said Ms Bradley.
The couple decided to change to a different financial adviser.
“One of the funds to be changed was the one with Friends Provident,” continued Ms Bradley.
When the new adviser contacted them, it was discovered that the bonds had been cashed, and queried this.
“The policy had been cashed in full, and the couple had not received any payment,” said Miss Bradley.
The matter was reported to police and investigations made.
Documentation showed a partial surrender of £20,000 in May 2008, with a letter purporting to be from the couple instructing any further correspondence to be sent to the accused at her business address.
A series of withdrawals were discovered to Lauder’s bank account.
Miss Bradley said Lauder had been “entirely co-operative” when interviewed by police, telling officers: “I’m no’ going to lie, I took the money from the account”.
“She didn’t give any explanation why,” concluded Ms Bradley.
Defence solicitor Mat Patrick reserved his plea in mitigation for reports to be obtained.
Sentence was deferred until December 16 for reports, with Lauder released on bail.
Sheriff Peter Paterson warned Lauder: “A sum of this amount will almost inevitably attract a custodial sentence.”