A 78-year-old Sutton Coldfield retired engineer who fell prey to convicted financier Gary Hexley has won a five-year battle for compensation – after being rejected twice.
Ron Jefferson, who lost more than £13,200 after investing with the disgraced finance adviser, finally received a letter from the Financial Services Compensation Scheme to say his payout had been approved.
He received the good news as the trial of Hexley and co-defendant John Cooper was drawing to a close at Birmingham Crown Court last week.
Mr Jefferson said: “It was a very nice surprise, especially after all this time. The letter came completely out of the blue.
“They have given me some interest and paid me out what I invested, so I am quite pleased.
“It’s thanks to the publicity in the Birmingham Mail, and I would also like to thank fellow investors Gerry Lamming and Bill Shackleford, who gave me a lot of help.
“Gerry and Bill kept us all going. A lot of us would have given up if it was not for them.”
A number of investors from the West Midlands among the total of 237 creditors nationwide who lost their savings have now been compensated by the FSCS, but others are still fighting.
Mr Jefferson said he had first invested with Hexley in 1999 and was facing the loss of a total of £13,266.
“I was rejected twice, and they would not even put it through for compensation to start with, and then they changed their minds.
“I gave up for a while, and then I had another go. It has been a long battle, going back five years.”
Hexley and Cooper were found guilty at Birmingham Crown Court of six charges and two charges respectively under the Financial Services and Markets Act.
Both were remanded on conditional bail and will be sentenced on November 14.
Mr Jefferson said: “I feel very sorry for Gary Hexley’s family.
“It seems he is paying the price now, but I think he should be punished.”Call for shamed financier to be jailed