Conman jailed for £640k Lancashire pensions fraud

John Sheldon Williams, 71, was convicted of 35 counts of fraud after he set up an investment scheme which collapsed.

None of the money he stole has ever been returned to the 22 victims, many of whom had invested their entire pension funds and redundancy payouts.

His victims included people from Burnley, Blackburn, Oswaldtwistle, Clitheroe, Accrington, Todmorden, and Chorley.

The 71-year-old, of Kilnhouse Lane, St Annes, was sentenced to five years in prison at Preston Crown Court today.

Detective Sergeant Nigel Watson, of Clitheroe CID, said he was delighted at the sentence.

He said: “The victims of Williams are also pleased and feel a sense of justice has been done.

“Williams has devastated the lives of a large number of hard working people and has taken life savings from some.

"He lied to the police, the courts and the victims and has shown no remorse or pity.”

Police investigated Williams for almost two years after they were inundated with complaints about investment policies which had been taken out by him.

Williams had taken cash from a series of victims which he then misappropriated for his own personal benefit.

Acting under the name Acorn Marketing Services his scheme relied on recycling cash by paying previous investors with new investors’ money.

Between 1993 and 2008, Williams, conned clients, into handing over money which he promised to pay back with good interest.

He told his victims the money was being used in property investment, or providing loans.

A jury of six men and six women heard that Williams did willingly repay some of his clients.

But this was only to promote an air of legitimacy and confidence to what he was doing overall, the court heard.

He then wrote to his clients saying he was retiring because of ill health.

Weeks later he wrote again saying he had been defrauded by three made-up business partners called the Thomas Brothers and David Scott, who had taken the money and run.