In two months, the couple wasted their Alzheimer mother’s £236k funds.
A COUPLE “stripped naked” an elderly woman’s bank accounts of about £300,000 in just two months, a court heard, and squandered much of it playing on stocks and shares.
Lorraine Nuttall, 64, was awarded financial responsibility over her Alzheimer’s-affected mother Mavis Robinson, who was placed in a care facility in 2017. Within nine months, she allegedly transferred more than £291,000 to herself and her estranged husband John Nuttall.
A jury heard that the Nuttalls lost almost £236,000 through speculating in foreign currencies, stock prices, and bonds, the majority of it in less than two months. Mrs Robinson had £132,490 in three bank accounts.
Nuttall then sold her mother’s Surrey home for an additional £207,256. She is accused of sending £219,964 to her husband and £71,737 to her own bank account.
The two held accounts with ETX Capital, a “high risk” internet trading platform that allows the public to participate in financial spread betting, according to Bournemouth Crown Court.
The Office of the Public Guardian, which safeguards persons like Mrs Robinson, had discovered the massive loss of monies by November 2017. Mrs Robinson’s funds were frozen, and an organization was named as her deputy. Mrs Robinson has now died.
The Nuttalls were unemployed and receiving benefits at the time, according to the court.
“The court of protection declared Lorraine Nuttall the deputy with complete power over her mother’s business,” prosecutor Edward Elton said.
“By November 2, 2017, the accounts’ combined balance was around £6,000. They’d been stripped almost completely bare.” Nuttall, a Bristol resident, has been charged with fraud, while John Nuttall, 60, of no fixed residence, has been charged with theft.
Both of them dispute the allegations. The trial is still ongoing.