A failed businessman who conned friends and relatives out of more than a quarter of a million pounds with a catastrophic betting scheme has been jailed for 27 months.
Peter Plimley’s victims lost life savings as he ploughed tens of thousands of pounds of their hard earned money into his “Ponzi-style” spread betting debacle.
Over a two-year-period they included a breast cancer patient fighting for life and even his own daughters.
When his “foolproof” plans failed he continued to claim the betting was enjoying considerable success, leading others to give him money.
The 68-year-old used their money in a desperate attempt to shore up his losses.
It failed and he was eventually forced to cover his tracks by telling his investors that the entire cash fund had been lost in seconds due to a market crash.
By the time his deception finally fell down around his ears he had duped nine victims, costing them a total of £228,359.
He claimed he had only been trying to help people and had managed to convince himself that the scheme was succeeding.
When he was finally challenged about the nature of his plot and the depth of his deception, Perth Sheriff Court heard he’d remarked: “I don’t think I have committed such a big crime”.
The court heard Plimley had begun betting on the stock market following the failure of his own legitimate businesses and while in the grip of depression.
He began by making £1 bets and after initial success, his solicitor said he had managed to convince himself that he had a foolproof scheme.
Depute Fiscal John Malpass explained the scheme, saying: “The accused used spread betting to place bets on the currency markets on conversion rates of US dollars against the Euro.
“He indicated that he had a trading strategy for this which allowed him to predict fluctuations in the market.
“Over a 45 month period, however, the accused had just three gains and 42 losses.
“Despite the losses being made by him, he continued to reassure the complainers that all was fine when it wasn’t.
“Rather than coming clean he kept then in the dark and hoped he could turn things around.”
Plimley, formerly of Church Road, Kinfauns but now of Craigdhu Road in Newtonmore, admitted embezzling £228,359 from a number of named victims between December 1, 2011 and December 1, 2013 by making arrangements to place other people’s money on spread betting financial markets and then pretending it had all been lost in a single transaction.
Solicitor David Holmes said: “He thought he had devised a scheme that would be successful and he retained that belief throughout the period of the indictment.
“He now realises it was foolish, but it was genuine. He thought, in his own mind, that he would benefit and others would benefit, including friends and family members.
“He somehow persuaded himself that it was succeeding, otherwise he would never have taken money from his daughters.”
Sheriff Gillian Wade — who was presented with a series of victim impact statements — said: “You have continued to take money from people to shore up your losses.
“The consequences were significant for a number of people who have lost their life savings.
“This was a significant amount of money and despite what you have said this was a big crime for which there has to be a serious punishment.”
