Financial adviser exploited elderly and vulnerable clients to steal more than £1.1million

A former Essex financial adviser who preyed upon elderly and vulnerable clients has been jailed for stealing more than £1.1 million from victims, including a widow in her 90s.

Over a period spanning almost ten years, Andrew Pownall persuaded victims to hand over money they believed was being invested for their future, but which he instead transferred into his own bank accounts.

Pownall worked as an independent financial adviser, accessing clients through a financial services business he represented.

He convinced victims their money would be invested into legitimate funds but instead persuaded them to provide blank signed cheques or transfer money directly to him, which he then diverted for his own use.

Concerns about Pownall's conduct were first raised in September 2023, which led to an investigation by the Eastern Region Special Operations Unit (ERSOU).

On 23 April 2024, officers executed a warrant at Pownall's home in Rayleigh Road, Hadleigh, Benfleet, arresting him and seizing digital devices and financial documentation.

Vulnerable repeatedly targeted 

The investigation went on to reveal a pattern of sustained offending between March 2014 and September 2023.

Pownall defrauded 15 victims of £1,104,378, many of whom were in their 80s and 90s. Several had recently been bereaved, some had learning difficulties, and others lacked mental capacity.

Victims were repeatedly exploited over many years. One woman was targeted from the age of 78 until she was 90, during which time Pownall obtained 61 payments totalling £220,390.

In 2023, he sent her a letter apologising for his conduct before offering money in an attempt to prevent her from disclosing what had happened.

Another victim lost £106,750, between 2022 and 2023, after Pownall assisted her with probate and tax affairs following the death of her husband.

Having gained her trust during a period of grief, he persuaded her it would be easier to make cheques payable directly to him or transfer money into his accounts.

She later described feeling that he had ‘preyed upon her at one of the lowest points in her life’.

Systematic abuse

During police interview, Pownall admitted the offences but claimed the stolen money had largely been used to pay everyday living expenses and bills and that he had ‘nothing to show for it’.

On 6 August 2026, Pownall, 67, pleaded guilty at Basildon Magistrates' Court to 15 counts of fraud by abuse of position and one count of money laundering.

On Fridat 23 October, he was sentenced at Basildon Crown Court (sitting in Southend) to five years and four months’ imprisonment.

Detective Constable Dani Robinson, of ERSOU's Serious Economic Crime Team said:

"Andrew Pownall systematically abused the trust placed in him by some of the most vulnerable members of society. His victims were elderly people who relied on his professional advice to safeguard their financial futures. Instead, he exploited bereavement, vulnerability and trust for his own personal gain. "This offending was not a momentary lapse in judgement; it was a calculated fraud that continued for almost a decade and involved more than £1.1 million being stolen from 15 victims. The true loss, taking into account the investment growth victims could have expected had their money been invested as promised, is likely to have been significantly higher. "Some victims were widowed, some had learning difficulties, some no longer have capacity, and others have sadly passed away before seeing this case reach its conclusion. The emotional impact has been just as significant as the financial loss. We welcome this sentence and hope it provides a measure of justice for the victims and their families."

To date, financial redress payments totalling £1,344,593 have been made to eleven victims through a business Pownall had represented, with settlements relating to four victims still ongoing.

The case will now be subject to proceedings under the Proceeds of Crime Act to identify and recover any criminal assets.