Fraudster brothers sentenced after conning OAP's for Rolex watches, private jet and boat
TWO fraudster brothers who conned elderly people in a £17million scam were jailed yesterday. Alan and Russell Taylor used an investment swindle to fund an extravagant lifestyle of Rolex watches, a private jet and a new boat, while depleting their victims' retirement savings.
Russell and Alan Taylor conned £17million from elderly people
The brothers had invested up to £16.7million in a high-risk scheme called the Vantage Trader Fund on behalf of more than 200 elderly and vulnerable clients, resulting in losses of more than £5million.
Many of their clients had been advised for years by the defendants' father, who had run their business Taylor and Taylor Associates before his retirement.
Alan Taylor, 38, was jailed for six years and Russell Taylor, 37, for five years at King's Lynn Crown Court yesterday.
Both admitted conspiracy to defraud at an earlier hearing.
Alan Taylor's collection of watches
Alan Taylor, of Norwich, and Russell Taylor, of Mundesley, Norfolk, spent their profits on hiring a private jet for more than £150,000, buying a £45,000 boat and a timeshare costing £260,000.
Police seized an £80,000 collection of Patek Philippe and Rolex watches from Alan Taylor, a £1million home in Witton, Norfolk, bought by Russell Taylor, and a £150,000 Aston Martin Volante owned by the brothers.
Many of their victims found themselves having to continue working following the fraud, rather than retire as they had planned.
Detective Chief Inspector Liz Fernandes said: "These heartless brothers cruelly took advantage of the trust their clients had in them by investing their money into an investment scheme akin to a roulette wheel."