A respected finance expert, who fleeced his Oxford-educated former partner of her £200,000 savings by forging her signature and persuading his new girlfriend to pose as his ex, has been jailed for 12 months.
Former Arthur Andersen and Financial Times employee Stewart McRorie, 56, cashed-in a variety of investments belonging to Singapore-based anthropologist Dr. Sian Jay, 53, who trusted him to handle her finances.
“This was fraudulent conduct to induce banks to liquidate the assets and investments of Dr. Jay, an ex-partner of Mr. McRorie until the mid-90’s,” prosecutor Miss Samantha Hatt told Southwark Crown Court.
McRorie, of Rectory Close, Broadmayne, Dorchester, Dorset, who also has a home in Cote d’Or, France and Ailsya Hamilton, 47, of Highgate Village, North London, pleaded guilty to two counts of conspiring to commit fraud by false representation on or around October 18, 2007.
Jobless single-mum Hamilton, whose 10 year-old son viewed McRorie as a “father-figure” was sentenced to six months’ imprisonment, suspended for twelve months and was placed under a year’s probation supervision.
McRorie (pic.top) alone also pleaded guilty to fraud by false representation, relating to BlackRock Investment Management and possessing criminal property from a closed F & C Investments account.
“You forged her signatures on a letter to the bank, and used Miss Hamilton to impersonate Dr. Jay,” Judge Anthony Pitts told McRorie.
“Your intention was to get control of this money for yourself, you were in the driving seat. You went about encashing these investments in a fraudulent criminal fashion.”
In a victim impact statement Dr. Jay (pic bottom) says she “feels deceived and betrayed” and the dishonest plot hatched by McRorie and Hamilton has had a “huge impact on her life.”
McRorie and Dr. Jay – who obtained her PhD at Oxford University – met as final-year students at Hull University in the late-70’s and were together nearly twenty years, sharing a luxury flat in the exclusive Barbican, City of London.
At the time Dr. Jay was employed by the British Museum and now lectures at the world-renowned LaSalle-SIA College of the Arts, Singapore and is a leading expert in Asian art and design.
“She had given a large proportion of her British Museum earnings to Mr. McRorie and believed he invested them on her behalf,” Miss Hatt explained.
“At the time she was happy to give it to Mr. McRorie and does say in her statement to police he was quite controlling in the relationship.”
In March 1988 the couple opened a joint HSBC account in the City, which McRorie later used to pay Dr. Jay’s assets into because he had the authority to make withdrawals.
“They had remained in touch and Dr. Jay agreed to Mr. McRorie managing her assets which he moved to the joint account he had kept open and then moved them to an account in his sole name,” Miss Hatt explained.
However, Dr. Jay started asking awkward questions and demanded the paperwork relating to her investments. “He prevaricated, but finally sent some.”
In September and October, 2007 Dr. Jay told McRorie she wanted to cash in all the investments he had made for her – a total of £230,000
“By this time he was liquidating her assets and only sent her a cheque for £30,000,” said Miss Hatt. “Despite assurances to Dr. Jay she concluded Mr. McRorie had no intention to return the money to her.
“Mr. McRorie argued she owed him money for funding her three years at Oxford University studying her doctorate.
“He took full control of the money in all the assets he liquidated,” explained Miss Hatt.
“The focus of this case is the deception practiced by these defendants on the institutions who thought they were dealing with Dr. Jay.
“Mr. McRorie signed letters in Dr. Jay’s name and between them he and Miss Hamilton made telephone calls when Miss Hamilton purported to be Dr. Jay.”
The conspiracy involving both defendants saw Hamilton posing as Dr. Jay on the telephone and persuading City-based global asset management company Schroders and Halifax Share Dealing to release funds.
Schroders cashed a £28,690 PEP Dr. Jay funded with two initial £6,000 payments in 1995 and 1996.
McRorie posed as a Basildon Hospital orthopaedic surgeon when contacting the company’s call centre, but was unable to get the money.
“He became aggressive on the phone and shouted at the operator,” Miss Hatt told the court.
Shroders were later called by Hamilton – pretending to be Dr. Jay – and after successfully answering security questions prompted by McRorie the investment was released and paid into the HSBC joint account on October 24, 2007.
“Miss Hamilton impersonated Dr. Jay in telephone calls from the Barbican flat to Shroders and Halifax so they would believe it was Dr. Jay who wanted to sell those assets and shares,” said Miss Hatt.
Halifax Share Dealing needed additional proof before releasing £14,600 after McRorie wrote to them as Dr. Jay, demanding the account be cashed.
On October 18, 2007 Hamilton called them – posing as Dr. Jay – and successfully answered the account’s security questions.
“Mr. McRorie can be heard in the background prompting Miss Hamilton and during the recorded phone call the defendants can be heard discussing the investment and money,” said Miss Hatt.
McRorie acted alone when cashing £19,641 with City-based BlackRock Investment Management on September 27, 2007 and a cheque was sent to his flat at Willoughby House, Barbican.
When he closed the HSBC joint account on December 7, 2007 McRorie immediately came into possession of criminal property – namely £25,300 from F & C Investments – which he had successfully cashed-in.
The Barbican flat was also sold in 2007.
Although the indictment charges add up to only £88,231 the prosecution insist this represents just part of the investment portfolio, which was worth £230,000.
An increasingly frustrated Dr. Jay eventually contacted City of London Police and McRorie and Hamilton were arrested on December 13, 2007.
When quizzed by detectives McRorie claimed he had done nothing wrong and had lawful “Power of Attorney” to manage Dr. Jay’s finances.
McRorie’s lawyer Mr. Gregory Fishwick admitted his client utilised signature samples sent by trusting Dr. Jay, plus a photocopy of her passport and National Insurance number.
“He simply signed as it was the most expeditious way of doing things and used Miss Hamilton for expeditious reasons because of the pressure placed on him by Dr. Jay to liquidate the assets.
“He can no longer work for any financial institutions as he has done all his working life.”
Hamilton’s lawyer Mr. Rishi Nathwani said: “Mr. McRorie persistently telephoned the defendant to come around and make the telephone calls that she did. She felt obliged to assist.
“This is not a sophisticated woman, but naïve and isolated. She is full of regret and remorse. This was an error that will not occur again.”
Judge Pitts told Hamilton: “You allowed yourself to be used by Mr. McRorie and you were pressurised by persistent phone calls to impersonate Dr. Jay. You must have felt under considerable pressure.”
McRorie was ordered to pay £56,000 compensation to Dr. Jay from his solicitor’s client account within fourteen days.
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