Leeds lawyer accused over £730,000 gold swindle

A SOLICITOR from Yorkshire helped to cheat a sixth-form college out of £730,000 which was used to buy gold bullion, the Old Bailey heard yesterday.

Andrew Wormstone received money from Oldham Sixth Form College which was meant to be for a builder.

Police arrested him after he transferred the funds to another account used to buy gold, jurors were told.

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Wormstone, 43, of Ashworth Road, Pontefract, denies concealing criminal property of £2,634, and transferring criminal funds of £730,000 in March last year.

Martin Hooper, prosecuting, said the money was sent to Wormstone’s law firm Velocity in Leeds after the college received a letter claiming its builder had changed its bank account.

After two days, most of the funds were transferred into an account of a “Mr Marshall”, who has never been traced and who may not exist, said Mr Hooper.

He said: “We do not assert Mr Wormstone was directly involved in defrauding the college. His role takes place a slightly different time from that.”

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Wormstone told police he retained £2,634 for his fees and was acting on behalf of a client who wanted to invest in gold, and had not suspected anything was wrong.

He told the jury he acted in good faith after speaking to the client on the telephone.

Following his arrest, the lawyer insisted he had no idea the college was being defrauded, and said he genuinely thought the money was a loan.

He admitted “with hindsight” that it was unusual for a college to lend money to individuals.

The trial continues.