A 'convincing conman’ who stole almost £700,000 from his clients by running a fraudulent investment scam has been jailed.
The devastating impact on Paul Deighton’s crimes on his victims was revealed as he was sentenced at the Court of General Gaol Delivery.
One of his victims described it as a ’living nightmare that just won’t stop’.
Jailing Deighton for a total of four years and nine months, Deemster Alastair Montgomerie remarked that 'if I gave you 500 years in prison it’s not going to satisfy [your victims]. But at least they can try to move on.’
Accountant Deighton, 52, of Main Road, Santon, used his company Haven Administration Limited to take the money from his victims, a mixture of businesses and individuals.
The highest value theft was £110,638.39 from an electrical services company while three individuals each lost at least £100,000.
He operated a 'Ponzi’ scheme, a fraudulent investment scam which generates returns for early investors by acquiring new investors.
Deighton pleaded guilty to 11 counts of theft totalling £607,537 plus $52,591 and Euro 12,420, committed between January 2013 and July this year.
He asked for two further offences of theft to be taken into consideration for £18,433 and Euro 70,000.
And he also admitted a charge of forgery, committed while on bail awaiting sentence.
The forgery of an advocate’s letter had been a ’brazen attempt to conceal further offences of theft’, the court heard.
Deemster Montgomerie said the offences were well-planned, pre-meditated and sophisticated.
He said anybody who had listened to the victim impact statements read out in court could fail to be affected by what they heard. The victims, 12 in total, were small investors and businessmen.
They had considered him not only to be a trusted professional who they could rely on, but many of them also saw him as a friend.
'This was a betrayal by you of that trust,’ the Deemster told Deighton.
'If I was to sum you up in three words, I regret to say I might describe you as a convincing con man due to your ability to deceive so many people for such a long period of time and steal such a large sum of money from them.’
Defence advocate Paul Rodgers said his client felt genuine remorse.
He said the investment scheme had not been fraudulent from the outset and money had been repaid, so the total loss was some £200,000.
But the Deemster pointed out that the money was repaid not as recompense but to perpetuate the fraud to obtain even more money from his victims.