A 'Walter Mitty' character who convinced a childhood friend's parents to part with the proceeds of their family home has avoided jail - but has been ordered to pay back the money he cheated from them.
In November 2022, William Beardmore, prosecuting, told Preston Crown Court Harvey had been friends with Mr Smith's son Paul since their schooldays. He had helped arrange a mortgage for Paul for a property in London and claimed he had qualifications as a financial advisor.In 2009, Anthony Smith and his wife sold their family home in Lytham with plans to downsize, and turned to Harvey for investment advice.
The following year, Mr and Mrs Smith sold another property and Mr Smith decided to invest a further £100,000. On June 17 he transferred the money to Harvey's account, on the understanding it would be put into the same schemes. But in 2012, the truth began to emerge when Mr Smith asked to cash in some of his portfolio.
Mr Beardmore said: "The letter talks about investments and is signed by Paul O'Hanlahan. Mr Smith never received this letter but was thankful for the correspondence . However it was a made up letter." "Put simply, the defendant did not invest the money with either institution", Mr Beardmore said. "When he was asked to encash, he fabricated emails to cover up that he hadn't invested the money, but rather, squandered it."
Mr Smith said the deception had taken a toll on his health and the quality of life for him and his wife. "The investment was for our future and has had a considerable impact on our standard of living. We have had to cut our cloth accordingly", he said.