Jeff Arundell, 75, told people to invest in a money-making scheme then lied to them about the success.
By Alexandra BassinghamA man who portrayed himself as an experienced trader and made £4.5m using stolen cash has been jailed.
In November 2016, Arundell told a friend he had information that shares in a pharmaceutical company were due to significantly increase over the coming weeks and asked him to invest, Avon and Somerset Police said. From the winnings, he continued to trade and place further bets, which in turn attributed to the £4.6m windfall he had accumulated by August 2017.
Manager of the serious and organised crime investigation team, Dr Kirstie Cogram, said: "Arundell portrayed himself as an experienced trader in the financial markets seemingly thought little of defrauding his own family by taking cash from his elderly mother, nor using money from a friend and their family to bankroll his spread betting efforts."
Arundell was convicted of three counts of fraud by false representation and one of money laundering at Bristol Crown Court on 30 October, in relation to £86,000 he received from his friend and their family.
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