Financial adviser charged with 29 counts of fraud totalling over £5m

Financial adviser Richard Alan Webb has been charged with 29 counts of fraud by the CPS totalling over £5m.

Webb appeared at Salisbury Magistrates' Court on Friday 13th January and was granted unconditional bail. He will next appear in Salisbury Criminal Court on the 15th February.

Prosecutor David Foster said the defendant is accused of defrauding more than 20 victims of £5,032,770.47 by encouraging them to invest and asked the case to be sent to the crown court.

Webb gave no indication of pleas in relation to the charges. His defence solicitor Andy Lee told the court “there is no indication to any of the charges at this stage”.

Webb was first arrested by Salisbury Police in August 2018.

Accountant Nick Moger has been assisting the 20 victims since it was first discovered that the victim's money had 'gone missing' from what the CPS has called a 'Ponzi scheme' at the beginning of 2018, six months after he was bankrupted in June 2017.

Mr. Moger has now raised concerns about the four-year allowable period to make Public Liability claims in terms of Public liability cover.

The Financial Services Compensation Scheme stated in May 2020 to a Dorset-based former client of Webb's, that any review of the case would have to be after the police inquiry had been exhausted.

The FSCS stated: "We note from your application form that there is an ongoing police investigation against Richard Webb ... Once the police investigation into Mr. Webb is complete, we may be able to reconsider your claim."