A company director who stole more than £2m from clients has been jailed for 7 years in Jersey and disqualified from acting as a company director for 12 years. Richard Arthur, 56, was the managing director at the accountancy firm BDO in Jersey at the time of the offences.

Between 2002 and 2009, Arthur falsified documents to cover the thefts from clients who included vulnerable and elderly clients. The court was told he used the money to fund a formula one racing car, make personal investments, pay off debts and live an extravagant lifestyle which included expensive holidays.

Arthur pleaded guilty to 10 counts of fraudulent activity.

In his sentencing remarks, Commissioner Julian Clyde Smith said it was “a really serious case of fraud” which was both a distressing time for those affected and damaging to the reputation of the financial services sector in Jersey.

David O’Mahony and James Macdonald were instructed by the Law Officers’ Department on behalf of the Jersey Attorney General to assist with the investigation and prosecution of Arthur for over four years.

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