AN EX-financial adviser has admitted scamming multiple people out of almost £2m as part of a plot linked to cryptocurrency.
Timothy Barnes, of Charland Court, Droitwich, who is known as Paul Barnes, falsified emails and letters from Lloyds Bank, Santander bank and True Potential Wealth as part of a fraud to persuade people to part with their cash.
Barnes also stole £206,500 belonging to the British Motorcycle Charitable Trust, a charity which helps promote and preserve the heritage of motorbikes.
Additionally, the 67-year-old also stole £1,245 belonging to Morton Wood Residents’ Association.
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Barnes pleaded guilty to 39 charges when he appeared before Worcester Crown Court.
It is understood that 34 of the offences were fraud by false representation, two charges related to theft and three were for making or supplying an article for use in fraud.
Barnes told one of his victims, Colin Hobson, that he needed to borrow £124,136.68 to obtain a mortgage on a property and to pay for divorce proceedings.
His other victims were given various excuses as to why he needed money from them.
He told one person he needed to borrow £10,000 to pay taxes on his late mother's estate, another that he wanted £32,000 for living expenses and he also told another man he was in need of £40,000 to pay inheritance tax on his later mother’s property in Spain.
"Although his name was officially Timothy, everyone knew him as Paul Barnes," he said.
"He asked me to lend him some money. His exact words were 'I need to create a fund'. He was referring to his divorce.
"Everyone trusted him. He was well liked. No-one can believe what he's done. He went to Repton School with Jeremy Clarkson and came from a wealthy family.
"He had his own business and a beautiful home. It's a spectacular fall from grace."
The British Motorcycle Charitable Trust had a quarter of its funds plundered by Barnes, an ex-chairman,.
In a statement to the Worcester News, the Trust said: "The loss of £200,000 represents almost a quarter of the funds available for the interpretation of British motorcycling history in museums and will reduce its ability to fund the excellent schemes it is asked to support.
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"The Trust had comprehensive safeguards in place to protect its finances but Mr Barnes, a long-standing member of the Trust and a financial adviser by profession, fraudulently bypassed them.
"The Trust has revised and further strengthened its procedures to prevent any recurrence.
"With a proud record of supporting museums for more than thirty years The British Motorcycle Charitable Trust intends to continue its work, albeit at a slower rate in the immediate future."
Barnes will be sentenced at Worcester Crown Court on September 4.
