A conman who defrauded investors out of millions of pounds should be jailed for the rest of his life, according to his angry victims.
Terry Warrington, of Michaelson Avenue, Morecambe and Malcolm Barber, 70, of Links Views, Wallasey, were convicted at Preston Crown Court of defrauding 128 elderly investors out of a total of more than £5m.
Warrington promised trusted friends good returns on their investments, knowing they would never see their money again.
His victims, most of whom are elderly and some who invested their life savings and redundancy payouts, were devastated.
They include Trevor and Sandra Lyne, both 68, of Heysham, who invested a total of £30,000 with Melbrook Insurance, following advice from Terry Warrington,
Trevor said: “We got friendly with Terry in 1980 and started investing money. Both our investments were due in 2007 and we were looking to withdraw them. 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. The police contacted us in 2009 saying they were investigating so we left it with them.
“The worst bit is we used to go out with him for meals. It’s embarrassing and I feel like he took us in. We can’t believe that he has done this because we trusted him with our investments. I want him to spend the rest of his life in prison because he has gone against other people’s human rights. He has taken advantage of friends around him, normal hard working people, who saw him as a friend. I hope he gets 30 years.”
An elderly couple from Morecambe who lost over £100,000 have been left devastated both financially and emotionally. They said: “We are not going to get a penny. We trusted him for years and we can’t believe that someone like him has conned us. We hope he gets his just desserts and he should be locked up for the rest of his life. It’s had an impact on our health, with sleepless nights and nightmares . That money was to help the family and give us something to fall back on and that worries us more than anything.”
DC Stuart Haigh, from Titan’s regional asset recovery team, said the duo had caused heartache to victims. He said: “Warrington and Barber are fraudsters who promised the earth to people but delivered very little. It was a classic case of Warrington and Barber ‘robbing Peter to pay Paul’ and, despite having a £2m black hole in their finances and being insolvent, they continued to dupe investors.”
Both men will be sentenced on January 17 at Preston Crown Court.