Rogue Stockbroker Sent To Jail

Radclyffe, from Salisbury, Wiltshire, stole from and defrauded his clients, many of them friends.

A court has sentenced unauthorised stockbroker William Radclyffe to 15 months in jail for crimes including theft and making false statements to clients, the financial regulator said on Wednesday.

The Financial Services Authority (FSA), long accused by critics of failing to flex its muscles, said the sentence followed a prosecution it had brought against Radclyffe.

Radclyffe, from Salisbury, Wiltshire, stole from and defrauded his clients, many of them friends.

Losses attributed to his actions, including the theft of an investment portfolio worth almost 100,000 pounds, total more than 350,000 pounds.

Radclyffe, who used the money to fund daily expenses, school fees and his own unsuccessful investments, pleaded guilty to 15 offences and a further 34 were taken into consideration.

"As Mr Radclyffe was not an authorised broker, his clients will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme," the FSA said.

"There is little that can be done to recover their losses."