Market stall holder blew his mother's life savings on stock market

Market stall holder, 56, stole £156,000 from his dementia-stricken mother’s life savings – then blew it all gambling on the stock market as his two sisters robbed of their inheritance say it’s ripped their family apart

  • Richard Potter stole his mother’s life savings and blew money on stock market
  • In all, the former market trader lost £600,000 investing in stocks and shares
  • Potter’s mother died aged 87 last year without enough money for a funeral
  • His two sisters and their grandchildren were denied their inheritance 

A son with ‘an addiction to investing and gambling’ stole his dementia-stricken mother’s £156,000 life savings and lost it on the stock markets.

Richard Potter, a former stallholder at Leicester market, became so obsessed with share trading he blew over £600,000 within 20 years.

Leicester Crown Court was told the defendant, 56, was a carer for his ailing mother, Nora Potter at her home in the village of Markfield, near the city.

A son with ‘an addiction to investing and gambling’ stole his dementia-stricken mother’s life savings of £156,000 and lost it all on the stock markets. Pictured is Leicester Crown Court, where he was sentenced to 28 months in prison

She died aged 87 in January last year, unaware her son had emptied her bank account leaving no money to pay for her funeral.

His reckless stock market trading left Mr Potter’s two sisters unable to each inherit £46,800 and the victim’s grandchildren also lost out financially.

Mr Potter, who is single with no children, pleaded guilty to the theft of £156,250 over a seven-year period from May 2012 – two years before his mother became ill with dementia.

His investments in the stock market using his mother’s money proved disastrous 

Prosecutor Mark Watson said: ‘The offending wasn’t particularly sophisticated; he transferred money from her account into his in fairly large sums of about £10,000.’

Mr Potter then invested it in stocks, shares and gold bullion but lost all the investments.

In a victim impact statement, one of Mr Potter’s sisters described her ‘shock and disbelief’ at her brother’s actions.

She stated: ‘At the time of my mother’s death, she was destitute and didn’t have the financial means to settle her affairs or pay for the funeral she richly deserved to have.’

Mr Watson said: ‘The sister says she struggles to understand why her brother could do this. She described feeling upset, angry and frustrated.

‘She says it’s torn the family apart.’

Potter had a previous conviction for benefit fraud, by claiming for a carer’s allowance for looking after his mother while having large sums of her money that disqualified him from claiming.

Judge Robert Brown, in sentencing Potter to 28 months in prison, said: ‘You helped yourself to almost £160,000 of your mother’s money when she was suffering from dementia in the latter stages of her life.

‘When this lady passed away, there wasn’t even enough money to pay for her funeral.

‘You had an obsession with investments and were out of your league, completely out of your depth and squandered vast sums of money.

‘It’s fortunate your mother passed away without knowing of your fraud, but it has caused distress to your sisters and consequential pain to other members of the family who are utterly devastated.

‘This was a breach of a high degree of trust and responsibility.’


Source: Read Full Article