Financial adviser jailed for defrauding victims of nearly £2 million
Timothy Barnes sentenced to 11 years for large-scale fraud
Timothy ‘Paul’ Barnes, a 68-year-old financial adviser from Charland Court, Droitwich, has been jailed for 11 years after pleading guilty to defrauding clients, acquaintances, and a charity out of nearly £2 million.
Barnes appeared at Worcester Crown Court where he admitted to 34 counts of fraud by false representation, three counts of making/supplying an article for use in fraud, and two counts of fraud by abuse of position.
His fraudulent activities began in November 2022 when he falsely solicited short-term loans from people he knew, claiming he needed funds for inheritance or divorce payments, promising swift repayment.
Barnes further exploited his position by approaching clients whose financial situations he was familiar with, securing additional loans and producing false documents to obtain funds from 34 people, amassing £1,754,736.68 in loans.
Additionally, as the chair of a charitable trust, he convinced trustees that £206,500 would benefit the charity but redirected the money into his own account. He also swindled £1,245 from a residents’ association, transferring it to his personal account.
By May 2023, Barnes had stolen approximately £1,962,481.68 from 36 victims.
Extensive investigations revealed that Barnes was investing the funds in his cryptocurrency wallet. He was arrested on 19th December 2023 for suspected fraud and money laundering offences.
Detective Sergeant Bev Hamilton of West Mercia Police’s Economic Crime Unit expressed relief at the custodial sentence, emphasising Barnes's abuse of trust as a financial adviser, charity chair, and a trusted friend and neighbour.
"Barnes's actions over an 18-month period inflicted significant harm within both his personal and professional spheres," Hamilton said. "The impact of criminals like Barnes on businesses, communities, and lives they target can be severe."