A FINANCIAL adviser who fraudulently obtained more than £158,000 from a client faces jail.
Angela Lauder - who worked for the Bank of Scotland for 11 years before setting up her own firm a decade ago - stole the cash over a two-year period.
The 43-year-old first offender was acting for a husband and wife when she repeatedly pretended to Friends Provident they had signed documents authorising the withdrawal of sums from their investment fund, which were then paid into her own account. Lauder pleaded guilty to obtaining a total of £158,666 by fraud from Friends Provident between May 2008 and October 2010 at an office in the Borders town of Selkirk, where she also lives.
Tessa Bradley, prosecuting, told Selkirk Sheriff Court: "She was acting in her capacity as a financial adviser to the couple.
"They were introduced to the accused, who was trading as an independent financial adviser, by their accountant.
"When the couple retired, they had a lump sum they wished to invest, which was placed in a high interest account on Lauder's advice
"In February 2013, the couple decided to change to a different financial adviser. One of the funds to be changed was the one with Friends Provident.
"When the new adviser contacted them, it was discovered that the bonds had been cashed."
Defence solicitor Mat Patrick reserved his plea in mitigation for reports to be obtained. Sentence was deferred to December 16.
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