Foreign Exchange Dealer Jailed For Defrauding Investors Of £400K

Palacios-Serna Was Jailed At Blackfriars Crown Court

A foreign exchange dealer, who defrauded investors as his business struggled, is starting a four-year prison sentence.

Andres Palacios-Serna, 37, of Mayton Street, Holloway was responsible for customers suffering losses of £400,000, including an elderly couple's entire life savings.

He initially fought the case, but eventually pleaded guilty on the day of his trial to three offences committed between 2011 and 2014.

Blackfriars Crown Court heard he took money from the victims, promising to return it soon and the sentencing judge told Palacios-Serna: “It was fraudulent and dishonest. The money was rapidly dispersed elsewhere.

“You were dishonest. You did not invest it at all. Substantial sums of money were used to pay existing creditors.

“You took money to keep a misguided business afloat and pay creditors. You abused a position of trust and all the counts concern individuals that trusted you with their money.

“The savings of a retired couple were used. The loss of such substantial amounts for the elderly couple is grievous for them.”

Palacios-Serna was also disqualified from being a Company Director for eight years.