Timothy Paul Barnes, a 68-year-old financial adviser from Droitwich, Worcestershire, has been sentenced to 11 years in prison after pleading guilty to defrauding friends, neighbours, and a charity out of nearly £2 million. West Mercia Police confirmed that Barnes abused his position of trust to secure loans under false pretences, claiming he needed money for inheritance or divorce payments, then invested the funds in cryptocurrency instead of repaying his victims.
Scope of the Fraud
Over an 18-month period, Barnes stole approximately £1,962,481.68 from 36 individuals and organisations. His victims included 34 people who lent him £1,754,737 in total, a charitable trust he chaired that lost £206,500, and a residents' association at his estate, from which he took £1,245. Police stated that Barnes targeted clients whose wealth he knew from his professional role, as well as personal acquaintances.
Sentencing and Police Response
Barnes was arrested on December 19, 2023, on suspicion of fraud and money laundering. At Worcester Crown Court on June 19, 2026, he was sentenced to 11 years for 34 counts of fraud by false representation. Detective Sergeant Bev Hamilton of West Mercia Police's Economic Crime Unit said: 'Over an 18-month period, Barnes had stolen nearly £2million from a total of 36 individuals and organisations alike, causing significant harm across both his personal and professional circles.' She added: 'I welcome the custodial sentence handed to Barnes who abused his position of trust as a financial adviser, charitable trust chair and a neighbour and friend to many.'
Impact on Victims
The fraud caused 'significant harm' to Barnes's victims, according to police. Det Sgt Hamilton noted: 'The actions of criminals like Barnes can have a big impact on the lives, businesses, and communities of those they prey upon.' Barnes's scheme involved promising to repay loans within days, but instead channelling the money into cryptocurrency investments. The case highlights the risks of financial exploitation by trusted individuals. Report Fraud, the national reporting centre for cybercrime and fraud, offers support at 0300 123 2040 or via their website.
