Further anguish for fraud victims

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Latest news.

Victims of a corrupt businessman are facing a further agonising wait to see if they can be compensated for the money they were defrauded out of.

Elderly investors may have to wait for over a year to find out if authorities can recoup at least some of their money.

Terry Warrington, of Michaelson Avenue, Morecambe, is serving four and a half years for conning 128 elderly investors out of a total of more than £5m in an elaborate savings scam, while his accomplice, Malcolm Barber, 70, of Links View, Wallasey - was jailed for four years at a hearing in January.

A Proceeds of Crime Act hearing, which will establish how much the pair benefitted from crime, was supposed take place this September - but it has been moved to March 2015.

For almost 25 years, Warrington, and colleague ran an investment company offering fixed bonds and loans to hundreds of investors.

But in April 2007, the house of cards came crashing down, leaving hundreds of pensioners penniless.

Warrington and Barber began to trade in the 1980s, offering legitimate, favourable returns on capital investments and loans to high risk borrowers.

The companies they invested in collapsed in 2007 owing £5m.