Hampstead Accountant Blames Romance Scam for £400k Trust Fund Fraud
A 78-year-old chartered accountant from Hampstead has been sentenced for stealing £400,000 from a trust fund established by a deceased professor, with his defence attributing the crime to a romance fraud scam involving a South Asian woman he met online.
Abuse of Trust and Charitable Intentions
Tony Stitt abused his position as a signatory on a trust fund left by Asher Tropp, an emeritus professor of sociology at the University of Surrey who died in 2015. Following the death of Professor Tropp's son in 2019, the remaining trustees agreed the funds should support charitable causes, including donations to the London Welsh Male Voice Choir and scholarships for university students from the West Indies.
Instead, Stitt, who previously worked at Deutsche Bank before moving into private practice, misappropriated £359,000 to fund what his defence barrister described as a "romance fraud." He sent money to third-party accounts under pretenses of medical interventions and business investments. The remaining £50,000 remains unaccounted for, with no explanation provided to Wood Green Crown Court.
Defence Claims and Victim Impact
Defence barrister Philippa Eastwood argued Stitt's actions stemmed from "intense weakness" rather than greed, citing his "loneliness" and victimisation by exploitation. She claimed embarrassment prevented him from reporting the romance fraud to police, and his attempts to conceal the crime showed he had "buried his head in the sand."
However, the victim's nephew, David Levy, expressed profound disappointment in an impact statement, noting it took years to bring Stitt to justice due to false accounting cover-ups. Levy stated, "I feel tired and cheated... I have been left emotionally and physically drained spending my time trying to pursue him."
Sentencing and Ongoing Professional Concerns
Recorder Jennifer Newcomb emphasised that exploitation did not reduce Stitt's culpability, stating, "There is no excuse for taking from the trust. You could, and should, have said no." Despite the case normally warranting immediate custody, Stitt's age and medical conditions—including a stroke, vascular dementia, and leg ulcers—rendered him unsuitable for prison.
He received a two-year suspended sentence with rehabilitation requirements. The Crown intends to pursue confiscation proceedings, drawing funds from the sale of Stitt's £1.4 million flat in Goldhurst Terrace, South Hampstead.
Professional Conduct Under Scrutiny
Concerns have arisen about Stitt's ongoing professional activities. Despite reports of suspension by the Institute of Chartered Accountants, his website and LinkedIn profile—active as recently as two weeks ago—show no mention of his fraud conviction or suspension. These platforms continue to advertise accounting services, including trust setup advice, without disclosure of his legal status.
When confronted outside court by MyLondon, Stitt refused to answer questions about why he still offers accountancy services without declaring his conviction. This raises significant questions about transparency and accountability in the financial advisory sector.
