A cruel conman who destroyed the lives of countless investors after defrauding them out of millions of pounds will have to pay just £1 back.
Terry Warrington, of Michaelson Avenue, Morecambe, who was jailed in January 2014 for four-and-a-half years after admitting fraudulent trading, theft and operating while unregulated, has declared himself bankrupt.
At Preston Crown Court at a proceeds of crime hearing, he was made to pay back just a nominal £1.
The court heard he had benefited to the tune of more than £5million.
A judge ruled that Warrington’s business partner Malcolm Barber, who was also jailed for his part in the multi-million pound scam, had also benefited to the tune of more than £5million, allowing for inflation.
Now, an investigation will be launched into all Malcolm Barber’s assets, to determine how to meet the more than £5 million payback.
Both men are responsible for a great deal of heartache and financial devastation
All the money eventually recouped will be paid back proportionately to the victims, many of whom were elderly and invested their life savings which they subsequently lost.
An elderly couple from Morecambe who lost over £100,000 after investing on the advice of Terry Warrington, said: “That money was to help the family and give us something to fall back on and that worries us more than anything.”
A couple from Heysham who invested £30,000 with Melbrook Insurance, following advice from Terry Warrington said: “Terry came to our house three times and told us he was having a bit of trouble raising the cash, but he would pay it out of his own pocket.
“We are still waiting.”
A pensioner lost who lost £40,000 after Terry Warrington encouraged her to invest said: “I can’t deal with the fact that there isn’t any money.”
Victim Eileen Dunn, 72, from Wallasey, said: “Now Barber is going to be hit where it will really hurt him, in his pocket.
“He has put investors through the mill.”
For almost 25 years, Morecambe financial adviser Terry Warrington and his colleague Malcolm Barber ran an investment company offering fixed bonds and loans to hundreds of investors across the North West.
Unbeknownst to the
investors, the companies they were investing in – Dublin and Gentry – were run by their
adviser. Many of the investors were personal friends of Warrington, who would socialise with his clients at dinner parties and on the golf
But in April 2007, the house of cards came crashing down, leaving hundreds of pensioners penniless.
The business partners were jailed in January
2014 after a lengthy investigation.
They were both banned from being company directors for five years.
Detective Constable Stuart Haigh from Titan’s regional asset recovery team (RART) said: “Both men are responsible for a great deal of heartache and financial devastation suffered by dozens of people from both Lancashire and Merseyside, including some who regarded them as their trusted
The next hearing will be at Preston Crown Court starting on September 3 to allow investigators time to look at Malcolm Barber’s assets.
A Crown Prosecution Service spokesman said: “Should Terry Warrington come into any money in the future, that will be confiscated.”