A Lower South Wraxall fraudster who exploited a loophole in one of Britain’s biggest pension firms has had nearly £5m confiscated from him.

Former finance manager Paul William Patrick Wood, 50, who lived at Orchard Farm, was jailed for three years in 2010 after pleading guilty to eight counts of fraud for exploiting Friends Provident over four years from 2005 until the crime was discovered in 2009.

The Crown Prosecution Service in Wessex has now had a confiscation order for £4,812,245 to be taken from Wood accepted.

Wood, who held two bonds with Friends Provident, committed fraud by switching money between different investment funds within the policy after monitoring the markets and then backdating the forms.

Lynne Henderson, Crown Advocate for the Crown Prosecution Service in Wessex, said: “The CPS worked closely with Wiltshire Police from the early stages of their investigation.

"This strong team work and the invaluable support from Friends Provident ensured the defendant was not only brought to justice and convicted, but also that he will be deprived of the criminal property he obtained.”

The father-of-two enjoyed a lavish lifestyle with the cash, owning a holiday home in the French Alps, his Wiltshire countryside farm house, two luxury cars and providing a private education for his children.

Wood, who was described as betting on a horse race he already knew had been won, claimed the figure stolen was £2m but Friends Provident were adamant throughout the case that it was about £4m.

Wiltshire Police Financial Investigator, Richard Mahoney, said: "This case is an example of our determination to bring to justice perpetrators of criminal activity and ensure the Proceeds of Crime Act is used to remove ill-gotten gains.

"A percentage of confiscation monies will be returned under the incentivisation scheme to be re-invested into the community."