A financial adviser has admitted conning a trusting elderly pensioner out of £61,000 of her savings.
Simon Kitchen was working as a financial planner based in the St Annes branch of the Skipton Building Society when he committed the crime against the elderly woman.
The 44-year-old was working for Skipton Financial Services when the fraud took place over a two year period between March 25, 2011, and January 28 this year, when it was finally uncovered by suspicious staff.
Preston Magistrates’ Court heard he intended to make a gain of £61,137.48.
The pensioner believed he was investing the cash into profitable accounts, but he was depositing them into his own.
Paul Foster, prosecuting, said: “The defendant was working for a building society investing money for an elderly client but instead of investing it for her benefit, he was using it for his own gain.”
Kitchen, of Black Bull Lane, Fulwood, Preston, indicated a guilty plea and was given unconditional bail.
A spokesman for Skipton Financial Services said: “We can confirm that our systems and controls alerted us to this fraud, and we took swift action to inform the police.
“We have been in close contact with the client throughout and have ensured that she has not suffered any financial detriment as a result.”
Kitchen will appear for sentence at Preston Crown Court on October 22.