An accountant has admitted stealing more than £600,000 from his clients by running a fraudulent investment scam.

Paul Deighton, of Main Road, Santon, used his company Haven Administration Limited to take the money from his victims, a mixture of businesses and individuals.

The highest value theft was £110,638.39 from an electrical services company while three individuals each lost at least £100,000.

Deighton, aged 52, pleaded guilty to nine counts of theft totalling £607,537.42, committed between January 2013 and April 2019.

This week High Bailiff Jayne Hughes committed him to the Court of General Gaol Delivery where he will be sentenced on a date to be decided.

Prosecutor James Robinson told the court that Deighton had stolen from various clients while doing work for them via Onchan-based Haven Administration.

The prosecutor said that Deighton had been running a Ponzi scheme, a fraudulent investment scam which promises high rates of return and little risk to investors.

A Ponzi scheme generates returns for early investors by acquiring new investors.

This is similar to a pyramid scheme in that both are based on using new investors’ funds to pay earlier backers.

Deighton admitted thefts of £110,638.39 from an electrical services company, £84,914.19 from a building firm, £10,857 from a construction company and £1,127.84 from another company.

He also admitted thefts of sums between £30,000 and £130,000 from five individuals.

Mr Robinson said that the case should go to the higher court for sentencing bearing in mind the amount of money stolen.

Defending Deighton in court his advocate David Clegg said that there was no argument against committal to the Court of General Gaol Delivery.

He said that no basis of plea would be entered but made an application for bail which was not opposed by the prosecution.

Deighton will make his first appearance at the higher court next week, on Monday (May 13).

Bail was granted in the sum of £500 with conditions that the defendant should live at his home address and not leave the island without court permission.