Roy Guppy, a retired farmer and lifelong hard worker, died of a heart attack just 48 hours after receiving a letter revealing that his life savings had been stolen by corrupt financial advisor Richard Webb. His daughter, Celia, is convinced the financial blow caused his death. "It broke his heart, literally," she said.
Webb's Fraud Scheme
Webb, a former financial advisor, swindled over £5 million from 19 victims between 2014 and 2017. Despite dropping his license with the Financial Conduct Authority (FCA), he continued trading as Castle Asset Management, operating as an "introducer" under a registered firm of chartered accountants. He told victims to transfer funds to Castle Asset Management, which he diverted to his own account, funding a millionaire lifestyle of luxury holidays, fast cars, and high-stakes gambling.
Roy Guppy's Story
Roy Guppy, raised in a council house and working from age nine, built a modest farming enterprise through relentless hard work. A cautious man who avoided stock market gambling, he invested with Webb after thorough due diligence and recommendations from trusted friends. The betrayal was devastating. He suffered a fatal heart attack at age 79 in November 2018, two days after learning of the fraud.
Legal Outcome
Webb was found by a jury to have committed the acts alleged in 27 counts of fraud involving £5 million and 19 victims. However, because he was declared medically unfit to plead, he escaped a potential 12-year jail sentence and received an absolute discharge. He now resides in a taxpayer-funded care home in Bath.
Victims Denied Compensation
The Guppy family, along with the other 18 victims, have been rejected by the Financial Services Compensation Scheme (FSCS). The Financial Ombudsman Service concluded that the lost money were "personal loans" to Webb, not regulated investments. Celia Guppy says her family is still £44,000 out of pocket and is backing the other victims in their fight for compensation and justice.
Celia said: "He was the most generous, kind, honest man in the world. That's why he could not believe how somebody could lie to him and cheat him out of his money. He was so ashamed that this man had done that to him."
The FCA stated Webb has not held any authorised roles since 2013. The FSCS said: "In 2023, following our investigations into claims involving Mr Webb and Castle Asset Management, FSCS concluded that there were no eligible customer claims. The FSCS does not comment on individual customer claims."
