VICTIMS of a disgraced financial adviser have been offered a lifeline in their bid to recover some of the £500,000 he stole from them.

Kevan Berry was jailed for four years in April 2003 after using his role at Briercliffe-based Bowland Financial Management to obtain the life-savings of people from across East Lancashire.

The firm, which went into liquidation after the thefts were uncovered, has been officially declared "in default" by the Financial Services Compensation Scheme. This paves the way for the victims from Blackburn, Burnley and the Ribble Valley to make claims for compensation of up to £48,000 each.

Ron Devlin, interim chief executive at the FSCS, urged Berry's victims to make contact. He said: "The scheme plays an important role in providing a fund of last resort for consumers who have lost money and have nowhere else to turn."

Berry, formerly of Scott Park Road, Burnley, was sentenced at Preston Crown Court after pleading guilty to 11 theft-related charges. He paid the cash into his own private bank accounts and spent it over six years.

The court was told that Berry had gained the trust of his five victims but his dishonesty grew over six years. He stole increasing amounts to keep his wife, mother and ex wife living a comfortable lifestyle.

He tried to cover his tracks and recoup the cash with risky investments and gambled on horses as a last resort before trying to kill himself, the court was told. Police have not been able to trace the stolen cash and suspect it has all been spent.

Berry was said to have first begun stealing in 1996, as he sought to ensure his three families lived well. He targeted clients he had represented since his early days at Bowland and persuaded them to re-invest their cash through him.

However, in May 2002, several clients were becoming suspicious and he felt his crimes were spiralling out of control. After attempting to commit suicide, he admitted the crimes to his solicitor and then the police.

After the trial, one woman, who lost thousands of pounds, said: "I think we all thought that because he was doing so well, our money must be safe. But now, we know he was living the high life on our money."