A NEWPORT-based financial advisor who fraudulently gained nearly £250,000 from his clients to pay for his high living lifestyle, was jailed for nearly four years today.

Jeremy Sage, 48, appeared at Cardiff Crown Court where he was sent to prison for three years and nine months after admitting six counts in total of fraud, theft, obtaining property by deception and perverting the course of justice.

David Elias, prosecuting, said Sage conducted a series of cunning, well planned and well thought out frauds of two men over a period of time when he was in a position of trust.

Sage took over his late father's Newport-based business as a financial advisor including his clients John Stroud and Robin Smyth.

The court heard how Sage fraudulently gained £65,942.13 from Mr Stroud, now 83, and £180,382.25 from Mr Smyth totalling £246,324.38.

Police were alerted to Sage's crimes in September 2010 and found a series of documents during a search of Sage's address at the time in Cefn Mably Park, Michaelston-y-Fedw.

This included a number of blank sheets of paper with Mr Stroud's signature on claiming he had power of attorney over his accounts.

Mr Elias said this was done without Mr Stroud's consent or knowledge.

Three of the charges relate to Sage's time working for Mr Smyth, a former Newport resident, who was living in Alaska and travelling the world for work.

Mr Smyth also remembered signing blank sheets of paper so Sage could further his financial interests while he was abroad.

The court heard My Smyth has been reimbursed all but £31,000 of the money but Mr Stroud has not been reimbursed by any of the companies or building societies he was involved with.

Mr Elias said that when police caught up with him in 2010 they found letters showing he owed just over £5,0000 in unpaid school fees, owed £11,000 to the Inland Revenue, was in arrears of just under £17,600 on his mortgage and owned significant amounts to bailiffs.

He said the bank accounts showed Sage, who was member of various clubs including golf clubs, had spent much of the money he gained from Mr Stroud and Mr Smyth on a high-living lifestyle.

Sage of Tair Gwaun, Penarth, had also admitted stealing court documents, containing the contact details of witnesses, belonging to the Crown Prosecution Service when he was in court for a separate matter of harassment.

Kieron Malloy, defending, said Sage had tried to emulate his well respected father but was out of his depth and was not up to the job.

He said Sage tried to live a high lifestyle but did not have the means to do so.

Mr Malloy said Sage wanted to apologise to his victims.