An “arrogant” failed businessman who conned friends and relatives – including a cancer sufferer – out of more than a quarter of a million pounds with a catastrophic betting scheme has been jailed for 27 months.
Peter Plimley’s victims lost life savings as he ploughed tens of thousands of pounds of their hard earned money into the Highlands-based man’s “Ponzi-style” spread betting debacle.
Over a two-year-period they included a breast cancer patient fighting for life and even his own daughters.
When his “foolproof” plans failed he continued to claim the betting was enjoying considerable success, leading others to give him money.
Last night, his own brother-in-law swelcomed the fact that Plimley “finally paid the price for his deceit and for the suffering and anguish he caused his many victims”.
Plimley, 68, used his victims’ money in a desperate attempt to shore up his losses.
It failed and he was eventually forced to cover his tracks by telling his investors that the entire cash fund had been lost in seconds due to a market crash.
By the time his deception finally fell down around his ears he had duped nine victims, costing them a total of £228,359.
He claimed he had only been trying to help people and had managed to convince himself that the scheme was succeeding.
When he was finally challenged about the nature of his plot and the depth of his deception, Perth Sheriff Court heard he’d remarked: “I don’t think I have committed such a big crime”.
The court heard Plimley had begun betting on the stock market following the failure of his own legitimate businesses and while in the grip of depression.
He begun by making £1 bets and after initial success, his solicitor said he had managed to convince himself that he had a foolproof scheme.
Depute Fiscal John Malpass explained how
over a 45 month period, Plimley had just three gains and 42 losses.
He added: “Despite the losses being made by him, he continued to reassure the complainers that all was fine when it wasn’t.
“Rather than coming clean he kept then in the dark and hoped he could turn things around.”
Plimley, formerly of Church Road, Kinfauns but now of Craigdhu Road in Newtonmore, admitted embezzling £228,359 from a number of named victims between December 1, 2011, and December 1, 2013, by making arrangements to place other people’s money on spread betting financial markets and then pretending it had all been lost in a single transaction.
Solicitor David Holmes said: “He thought he had devised a scheme that would be successful and he retained that belief throughout the period of the indictment.
“He now realises it was foolish, but it was genuine. He thought, in his own mind, that he would benefit and others would benefit, including friends and family members.
“He somehow persuaded himself that it was succeeding, otherwise he would never have taken money from his daughters.”
Sheriff Gillian Wade — who was presented with a series of victim impact statements — said: “You have continued to take money from people to shore up your losses.
“The consequences were significant for a number of people who have lost their life savings.
“This was a significant amount of money and despite what you have said this was a big crime for which there has to be a serious punishment.”
Last night Roy Allan, Plimley’s brother-in-law, said: “Plimley defrauded family and friends and had the arrogance to think everyone would believe and accept his lies.
“To date there has been no indication or remorse or an apology to any of his victims.
“Through my time in trying to recover my ‘investment’ from Plimley I was treated with utter contempt and told a string of lies as to why he could return either my investment or the ‘supposed’ earnings that were being regularly reported.
“Among his victims were my ex-wife and son who both lost all their savings. Two of his victims were cancer sufferers.
“While we may be scorned for being taken in the way we were, in my own case we were dealing with a family member, my brother-in-law and sister, and never in a million years did we expect to be taken advantage of the way we were.”
