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Trust director who stole £5m jailed

Thefts 'grave breaches of trust'

A former trust director from Port Erin has been jailed for stealing more than £5 million from his clients.

Sixty-four-year-old Richard Alan Costain was sentenced to ten years on Friday afternoon at Douglas Courthouse.

Sentencing, Deemster Montgomerie described 'grave breaches of trust' undertaken by Mr. Costain in order to obtain a 'staggering' amount of money.

Almost £5.3 million was stolen from a range of clients and trusts between 2004 and 2014.

The court how the defendant produced fraudulent accounting and banking documents to divert the money to his own failing business project - the actions of a 'workaholic' according to his defence.

In his closing remarks, the Deemster commended officers from the Financial Crime Unit for their work.

It's hoped that the full amount of money can be recovered through ongoing civil court proceedings.

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