United Kingdom - An unregistered financial adviser was sentenced to 9 years in prison for fleecing his clients out of more than 2 million pounds. Philip Smith conned at least 51 victims out of the money, many of whom were elderly and vulnerable.

Smith took £1.75m from clients and laundered a further £600,000 to fund his online gambling habit - with accounts at firms Betfair, Stanley James, Blue Square and Spread Ex.

Smith had 67 credit cards registered with a single online betting company and it is thought that he squandered £2m by gambling on horses, golf and other sports.

The largest single theft from his clients was £185,000 from a woman in her 60s.

Smith also convinced his clients to hand over their credit card details, which he then used to set up online betting accounts. He raised credit limits without their knowledge and diverted many of their statements to keep them in the dark.

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