Jeff Arundell, a 75-year-old resident of Sion Hill, Bath, has been sentenced to six and a half years in prison for fraud and money laundering. Arundell, who posed as an experienced trader,

utilized stolen funds to amass £4.5 million through financial trading activities conducted in 2016 and 2017. Additionally, he used his power of attorney to withdraw £260,000 from his late mother's account, which he used to purchase a Bentley car.

Arundell's actions were strongly condemned by law enforcement and considered "deplorable." He was sentenced by Bristol Crown Court, and a Proceeds of Crime Act application has been submitted to recover the money gained through his criminal activities.

The fraudulent activities began in November 2016 when Arundell persuaded a friend to invest in shares of a pharmaceutical company, promising substantial gains. Members of the friend's family also invested based on Arundell's assurances that he would personally guarantee their combined stake of approximately £100,000.

However, after using the invested money for trades and spread betting in December 2016, Arundell informed the victims that their funds had been lost, and he lacked the means to repay them. The victims reported the fraud to the police in January 2017, leading to an investigation.

The investigation revealed that Arundell had profited from some of the trades he conducted with the victims' funds but had falsely claimed losses. He continued to trade and place additional bets, amassing a total windfall of £4.6 million by August 2017.

Arundell later told the police that he could have repaid the guaranteed money as he had inherited approximately £100,000 from his late mother's estate earlier that year. However, this was treated as a separate fraud since it was discovered that he had taken the money from his mother, while holding power of attorney for her years earlier.

By appropriating the funds while his mother was still alive, Arundell prevented other family members from inheriting from her estate.

Dr. Kirstie Cogram, the manager of the serious and organized crime investigation team, expressed her strong disapproval of Arundell's actions. She highlighted the deception and harm caused to his own family and friends, emphasizing the deplorable nature of his behavior, especially as it necessitated two trials.

In the court proceedings, Arundell was convicted of three counts of fraud by false representation and one count of money laundering related to the £86,000 he received from his friend and their family. He was found not guilty of a fourth count of fraud by false representation concerning the remaining funds he received.

Separately, he faced charges of fraud by abuse of position in relation to the handling of his late mother's finances in early 2020, leading to his conviction in April 2021. The sentencing for all five offenses occurred at Bristol Crown Court.

Arundell's victims may welcome the verdict and his prison sentence, but the emotional toll of the experience remains significant, said Ms. Cogram. Photo by RedSquirrel, Wikimedia commons.