Bristol couple left penniless by crooked accountant
A Bristol couple have had their happy retirement ruined by a former friend who stole their £200,000 life savings.
Alan and Susan Thompson, from Kingswood, were the biggest victims of crooked accountant Michael Wike.
The 55-year-old was jailed for five years last week after raiding the accounts of friends and clients to the tune of £300,000.
The Thompsons had trusted him to invest their nest egg wisely. Instead, Wike stole the money and went on the run for more than a year.
Mr Thompson, 62, of Brockhurst Gardens, who spotted Wike walking the streets of Bristol and performed a citizen's arrest so he could be prosecuted, said: "The money was for our retirement, but now we're penniless. I've got to go back to work. Life would have been easy for us with that money. When something like this happens you feel like killing yourself.
"I'd known Michael for 20 years and he was my accountant. I'd sold my salvage business for £250,000 and he asked to borrow the £200,000 we had left because he had a business proposition.
"He was supposed to pay me some money back every month. I trusted him, so I let him borrow the money then I never heard from him again."
Mr Thompson, who is a boxing coach at the Empire gym in St Paul's and has trained fighters including former world champion Glenn Catley, went to Wike's address but was told by the landlord that he, too, was owed thousands of pounds. The disqualified accountant had carried on advising clients on tax rebates and investments through his unlimited firm after being banned from being a director of a limited company.
He built up a trusted reputation at the Hope and Anchor pub in Shirehampton, which he went on to run. But Wike, of Coombe Dingle, came unstuck when his debts spiralled out of control.
Also included in the 16 offences he admitted at Bristol Crown Court was stealing about £40,000 from his son's long-term partner.
Wike went missing in early 2008 and was actually caught by Mr Thompson in a citizen's arrest in St Jude's on June 16.
"I was driving along Wade Street with a friend when I saw him walking along," said Mr Thompson. "I stopped the car and he looked very shocked to see me as I grabbed him and put him in the car, but he didn't put up a fight. I'm the one who found him and took him to the police station, yet the police didn't even have the decency to tell me he was getting sent down. The first I knew about it was when I read it in the Evening Post. I didn't even get a thank-you.
"To read that they think there's 'no hope' of getting the money back is devastating."
The grandfather-of-four built up Alan Thompson Salvage in Cloudshill Road, St George, over 40 years, but is now working in security. He was planning to spend more time coaching Bristol's young amateur fighters but cannot devote as much time as he had hoped to his passion, as he is trying to scrape a living.
Avon and Somerset police's DC Nikki White said she did thank Mr Thompson for bringing Wike into Trinity Road police station.
She added: "I would like to pass on our thanks again and put on record our appreciation for the valuable part he played in the arrest.
"Our witness care unit do their very best to keep victims updated with details of court cases. In this instance, they spoke to Mr Thompson in August before an administrative hearing to check his availability as a witness.
"He was also sent a letter at the end of September to let him know that the case had been adjourned for sentencing but this date was later rearranged.
"We should have written to Mr Thompson to advise him of the change in the date and we are sorry that he was not aware of the rearranged date.
"Each witness care officer has a caseload of more than 1,000 civilian witnesses and priority must always be given to vulnerable or intimidated victims and in this instance we accept that our level of service to Mr Thompson fell below what he could expect."
The police have said it is unlikely any of the money stolen by Wike will ever be recovered.
13 Comments
View all
by Mrs P, Bristol
Tuesday, November 10 2009, 11:26PM
“Hindsight is such a great thing! (It was a long con and we all got 'Hustled'). We also were gullible to the charms, friendliness and generosity of Mike Wike, myself and my husband also lost money to this CONMAN along with many other of our close friends, we were the 16+ cases that he did not confess too. We, our friends and other victims could iil afford the losses that Mike inflicted upon us. We are ordinary hard working people who maybe should have had more sense? And I hope this is a warning to others how easy it is to place misguided trust. We would like to thank Alan Thomson for the apprehension after Mike's flight. And I would also like to thank DC Nikki White who kept us informed throughout, and without whom the conviction would not have happend.”
by Drew, Bristol
Tuesday, November 10 2009, 9:55PM
“In the 1970s he did work for one of the major accountancy practices ... no doubt he was struck off by the relevant accountancy institute a long time a ago. At one time I heard he used to drive round in a Rolls Royce... Do feel sorry for his "friends" who he took to the cleaners.”
by Troy, Shenzhen, China
Tuesday, November 10 2009, 9:46PM
“@Nigel, Downend
I setup a Virtual Private Network and just tunnel through the Great Firewall of China.”
by Nigel, Downend
Tuesday, November 10 2009, 4:22PM
“What did he do with all this money? Gamble it away?
Troy - I thought China blocked access to the internet.
Bob the builder - some builders can be dodgy also...”
by Troy, Shenzhen, China
Tuesday, November 10 2009, 2:42PM
“So there is three types of accountent. The Chartered Accountant, The Turf Accountant and finally The Creative Accountant.
It is always better to go to the first type of accountant with your investment.”
by derek, Not in Briz
Tuesday, November 10 2009, 2:35PM
“With friends like that,who needs enemies!”
by Matthew, Bristol
Tuesday, November 10 2009, 1:58PM
“200k is alot to hand over to someone that runs his business from a Pub. 200k is a huge amount of money. I would not let it out of my sight and i would want monthly reports of my 'investment'
Silly people. I feel for them as it is so much money to lose but come on....
This guy was their friend... Choose your friend wisely!”
by Lisa, Bristol
Tuesday, November 10 2009, 11:32AM
“This man has served time in prison before, so no excuses. He so say was going to look after things for my Mum when my Dad passed away in 1997, he asked for a cheque for £6,000 to pay off some business debts which we thought he had paid, when in fact he pocketed the money and we still had to settle the debt. He was jailed for 3 years and served a measily 18 months. How many times does he have to keep runing peoples lives. He has been jailed for 5 years, most probably has all the money stashed away when he will be released in most probably two years topsto live in a life of luxury!!!! Believe me, you may think people are stupid but he his a very clever vile man!!!!”
by Ian, Bristol
Tuesday, November 10 2009, 10:44AM
“Bob the Builder: Quite right. Although I will correct you on one thing. I am a Chartered Accountant and I do work on my own like many thousands of us across the UK. Yes, by being a practising member of the Institute of Chartered Accountants I must have a practising certificate (not all Chartered Accountants do) to be able to operate a practice offering services to businesses and individuals, I must have in place professional indemnity insurance to covers claims against me from clients, I am monitored by my institute and subject to inspections on my work and business procedures. I do not handle clients money as that is subject to more regulations and I do not give investment advice as that is another area where I would have to be authorised by my institute. All these additional services would of course increase my professional indemnity insurance. Yes, using a qualified accountant brings many benefits ( although of course I have a vested interest in that position). Also, we are not allowed to borrow money from clients as the story above noted.”
by Bob the Builder, Bristol
Tuesday, November 10 2009, 9:44AM
“"accountant" Michael Wike,
Why is it that by placing a job description in front of a name gives it immediate trust.
This guy is probably just a bookeeper, any proper Accountant would be an associate of the Institute of Chartered Accountants and certainly not working on his own.
By being Chartered the Client is insured by the Institute against malpractice such as in this instance.
A lot of people using the term "Accountant" are unqualified and it`s possible that the Tax advice given may be incorrect.”