Halifax IOU thief Graham Price sentenced

Graham Price, the former financial consultant who stole from unknowing investors and the Halifax Bank, was sentenced to twelve years imprisonment this week in Swansea Crown Court.

Price, also known as the IOU thief, admitted forty three charges of theft and also asked for another two hundred and sixty three offences to be taken into consideration as part of the £10 million scam.

Stealing from investors to feed his gambling habit, Price famously left and IOU note for £7 million a Halifax Bank safe in Gowerton.

Price used his investors’ money to fuel a gambling habit which included owning racehorses. He also invested £500,000 in a shares portfolio and over £100,000 in premium bonds for his family.

Solicitors representing the investors who lost their money have claimed their clients would be facing a long battle to regain their stolen funds.

However, the Halifax announced it was in no way responsible for those who had invested through Price, who operated as an agent to the bank.

Date: 10.11.05