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Broker jailed for £300,000 fraud Broker jailed for £300,000 fraud
(20 minutes later)
A mortgage broker who embezzled almost £300,000 from clients, including pensioners, has been jailed for 32 months. A mortgage broker who embezzled almost £300,000 from clients - including relatives, friends and pensioners - has been jailed for 32 months.
First offender Alexander Milne, 54, of Macduff, admitted taking £290,000 between 2002 and 2005 in Banff where his company was based.First offender Alexander Milne, 54, of Macduff, admitted taking £290,000 between 2002 and 2005 in Banff where his company was based.
He promised 29 clients big returns if they invested with him.He promised 29 clients big returns if they invested with him.
Jailing Milne at Peterhead Sheriff Court, Sheriff James Hendry said it was a "gross breach of trust". Jailing Milne at Peterhead Sheriff Court, Sheriff James Hendry said it was a breach of trust.
The former car salesman was initially successful in his venture, but then claimed clients would gain more money if he held on to their savings for further investments.The former car salesman was initially successful in his venture, but then claimed clients would gain more money if he held on to their savings for further investments.
'Deserved better' The court heard it was unlikely all the victims would get their money back.
The court heard it was unlikely the victims would get their money back. 'Trusted you'
Sheriff Hendry told Milne: "I accept that you did not spend the money on a lavish lifestyle, however, you continued to accept money from clients. Sheriff Hendry told Milne: "It is clear to me that during this period you took sums of money knowing that your business had failed. You robbed Peter to pay Paul. The prospect of compensation for many is likely to be protracted and uncertain.
"It is a tragedy for you, your family and also for many investors who put their trust in you. "I accept that you did not spend the money embezzled over this lengthy period on a lavish lifestyle. I also accept your remorse for your actions and that stress and depression probably played a part a least in your failure to recognise that your business had failed.
"These were people who frankly deserved better treatment." "This matter is a tragedy both for you, your family but more so for the many investors, friends and relatives that invested in your schemes. People who knew and trusted you."
He added: "Living in this community you will have to live with the anger and hurt that you have caused."
Sheriff Hendry said he would have sentenced Milne to four years, but reduced it because of his guilty plea.