Pension manager, 56, jumped from cliffs as 1m theft from client’s account was to be exposed

By Day by day Mail Correspondent
Updated: 19:19 BST, 18 October 2010
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Pension support director David Seaton stole more than £1million from a customer some time recently jumping from a precipice to his demise at the point when he dreaded the robbery would be uncovered, an examination heard
A annuity subsidize supervisor stole more than £1million from a customer some time recently jumping from a bluff to his demise at the point when he dreaded the burglary would be uncovered, an investigation heard today.
David Seaton, 56, had exhausted the customer’s private benefits subsidize of the money what’s more, spent it on himself.
The budgetary master conferred suicide at the point when it showed up the double dealing was about to be uncovered after the un-named customer procured an autonomous money related counselor to explore the fund.
Leaving his office in Wiltshire, Seaton told partners he would be back soon, yet instead drove 150 miles to the North Cornwall coast.
He stopped his car, cleared out his wallet, portable telephone what’s more, observe in the vehicle, what’s more, at that point strolled a mile to bluffs close Bocastle, where he jumped.
The investigation at Truro, Cornwall, heard that Mr Seaton had covertly acquired thousands of pounds what’s more, bet it on the stock showcase in the trust of attempting to fill the monstrous budgetary dark hole, as well as playing ‘Spanish lotteries’ online.
In his part as joint overseeing executive of Rowanmoor, a benefits organization company, he had been looting from a annuity fund, for which he had sole control.
Detective Constable Andrew Cook, from Wiltshire Police’s financial wrongdoing unit, said: ‘From 1996 until late 2004 we found £1.1million was taken from that account.’
He continued: ‘The immense dominant part of the cash was exchanged to Worldwide Back Management, a organization enrolled to Mr Seaton.
‘The cash was at that point moved into other accounts controlled by Mr Seaton, counting family accounts
‘From there it is a matter of hypothesis from where the cash went. I must accept that it went to support Mr Seaton’s way of life yet I just do not know.
Rocks on Warren Canal Shoreline where the body of David Seaton was washed up ten days after he jumped to his death
Det Con Cook said that no one else from Rowanmoor was included what’s more, none of the cash had been traced.
‘The pot was empty,’ he said. ‘It came to light at the point when an free budgetary guide went looking into this annuity subsidize what’s more, found out that this cash was not there what’s more, at that point everything would have unwound what’s more, move toward becoming public.’
Rowanmoor organization secretary Shirley Hylands said that after Mr Seaton’s demise the firm conveyed out its possess inner investigation.
She said: ‘We found that he had been reacting to e-mails on a Spanish lottery scam, apparently in the trust of picking up a few money.
‘We found that cash had gone missing from a customer what’s more, at the point when we looked into it in more detail we found that over a number of a long time a huge sum of cash had been removed, in abundance of £1million.’
Miss Hylands said that at the point when interest, which had not been accrued, was included to the account, the missing figure was likely closer £2 million.
She included that Seaton would have figured it out the diversion was up at the point when an autonomous budgetary counsel designated by the customer in July 2009 started to inquire for subtle elements of the annuity fund.
‘One presumes that exceptionally before long that it would move toward becoming obvious that the cash was no longer there,’ she said.
Seaton’s spouse Caroline told the hearing that her spouse had cleared out their Salisbury home what’s more, gone to work as ordinary on the Monday morning he vanished in Regal 2009.
She portrayed it as a ‘complete shock’ to find her spouse had gone missing.
‘I knew he was dead since it was so out of character what’s more, at that point I knew there was something unpleasant had brought it on,’ she said.
‘I think he attempted to pay back an sum of cash – he had to do something.
‘And at that point the man inquired for his cash back. He had taken out a £12,000 credit what’s more, put it into the stock advertise what’s more, it slammed once more on the Monday morning, so he bounced off a cliff.
‘He had been attempting for a length of time to get free of the debt.’
Mr Seaton was revealed missing on Regal 24 what’s more, his auto was found a week later.
His body was found on Warren Canal Shoreline in Kilkhampton, close the town of Boscastle, north Cornwall, on September 1.
Pathologist Dr Russell Delaney said Mr Seaton’s broad head what’s more, chest wounds were reliable with a fall from bluffs on to rocks below.
Police request did not find a suicide note yet they said there was no third party contribution in the father of five’s death.
Mr van nook Berg recorded a decision of suicide.
‘The budgetary conditions conveyed such a weight that there was as it were one way out, so I am going to record a decision of suicide.’
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