A gambling addict who conned vulnerable pensioners out of their hard-earned savings by saying he would write their wills and organise their estates splashed the cash on bets instead.
Peter Holbrook, 75, told families in West Yorkshire he would invest their money – but actually took the money to maintain his gambling addiction and pay back other victims.
Bradford Crown Court heard on Friday the total amount Holbrook, of Crossfield Close, Keighley, took totalled £849,839.30. Prosecutor Angus MacDonald said: “The victims were vulnerable by their age or other circumstances when the frauds took place or both. In the period he purported to be a financial consultant or will writer – despite having no formal qualifications to do so.”
Read more: Mark Nicholls admits murdering Emily Sanderson who went missing from funeral
It was said Holbrook met his victims socially and “befriended” them before offering to handle their probate or look after their savings. Matters came to light when some members of the victims’ families reported him to West Yorkshire Police and he eventually went on to plead guilty to seven counts of fraud in a case brought by West Yorkshire Trading Standards.
The court heard details of two of Holbrook’s victims, which was a man and his elderly mother-in-law. Mr MacDonald said he took £150,000 from the man and £20,000 from his mother-in-law. He said: “The man was married to a woman and they both met him in 2001 when she worked with his sister at a school in Queensbury.
“The defendant offered to write their wills and they both accepted. She passed away in November 2011 and the defendant was asked to handle the resulting probate and her estate. He was [also] asked to write the will of [the woman’s mother.]She passed away this year. He offered to help invest her money by both of them and they accepted and transferred the money.”
Holbrook sent documents purporting to show the money had been invested, but this was false. In 2014, the woman’s daughter contacted him to return the money he had invested after she had been diagnosed with dementia. At the same time, her brother-in-law asked for his money back and after two years Holbrook told them the money was held in an American investment account which was undergoing an investigation for fraud and it was frozen.
He had actually gambled the money away. He told the woman’s daughter he had taken a loan against his own house in order to return the money and provided a false letter from Santander confirming this.
The victims said Holbrook’s actions had caused them “sleepless nights” and the man said he now cannot carry out the plans for his retirement with the money or pass it onto the next generation.
It was also said Holbrook defrauded a woman out of £231,625.96 after he contacted her to resolve a probate. He met with her and her two daughters and told them she was a “very wealthy woman” and “he had invested the money in a number of places and intended to invest it for their benefit.”
Mr MacDonald said: “They trusted him to manage the estate and do that. He said the money would be put in a client account and would be available if she needed it for care home fees. The next month – after their meeting in February 2017 – she transferred. It was either gambled away or used to pay back other victims. None of that has ever been repaid.”
In a victim impact statement, the woman said she will “never get over what he did to her” and added “the inheritance she wanted to pass over is now gone,” the prosecutor said.
Mitigating, John Batchelor told the court Holbrook was “gripped by a gambling addiction” that “came out of nowhere.” He said: “He has written to you [Recorder Thyne KC] to say ‘there is nothing that can excuse this’.”
YorkshireLive has launched a WhatsApp community and anyone who joins will get the latest breaking news and top stories sent direct to their phone. To join click here.
The court heard Holbrook has “utter contempt and disgust” in himself and “just wishes he could turn back the clock”. He added: “My actions are disgraceful and wrong. The hurt, stress and nightmare I have put them through over a period of time is unforgivable.”
Mr Batchelor said Holbrook had been married for 48 years and had two children – one of whom is a GP – and began his life as a business consultant before going on to start his own business advising others. Mr Batchelor said: “This did not start out to be a dishonest enterprise. He would say there are examples where he helped people.
“A large amount of money was passing through his hands. At the same time, from nowhere, a gambling addiction came about – horses, betting ships. He was gambling at times for up to 12 hours a day. There are eight well-known national betting shops who have all received considerable amounts of money [from him.] The reality is that these betting shops have benefitted when nobody else in reality has but that doesn’t help the victims.”
The court was told Holbrook had never experienced custody before and had described his experience in a police cell as “horrible.” He was remanded into custody for the weekend and will be sentenced on Monday, September 11.
