A dad-of-two accused of leaving his own mother penniless by blowing her £137,000 investment fund said it was a “happy day” when she gave him the money.

Simon Haydock, 49, has been accused by his mother Geraldine Haydock of lying to her about investing money from the sale of her home in Neath.

She said she had taken her son to court as a last resort after he refused to speak to her about the investment, which has left her penniless.

Haydock, who is facing trial at Newport Crown Court for fraud, claims his mother gave him the money as a present so he could enjoy it with his wife and two children while they were young.

The court previously heard within a month of £137,338.63 being deposited into Haydock’s account in December 2010 the majority of the money had been spent with only £9,600 left in the account by the end of January 2012.

During this period payments of up to £10,000 were made to spread betting company IG Index as well as smaller amounts to online gambling company Betfair.

Giving evidence in his own defence, the owner and director of Cardiff-based Cascade Wealth Management Haydock was asked by defence barrister Harry Baker about the circumstances in which he received the money.

The defendant said: “In 2010 my mother sold her house for £137,000. She came to my house, it was a happy day, and it was a surprise when she handed over the cheque.

“She said it was something she would have liked to have made happen earlier and she would like me to have the money so we could do things to make life easier.

“So instead of waiting until she passed away she wanted to give me the money now while the kids were young.”

Haydock said Mrs Haydock had told him his brother Timothy and sister Catherine had been given money after Mrs Haydock had sold other houses so this one was for him.

He was also asked by Mr Baker about monthly amounts of £567 being paid into his mother’s account, which she believed were funds made available through her investment.

The defendant said his mother was employed by Cascade Wealth Management on a unofficial basis to refer older clients to the company but he was unable to recall any successful referrals.

Mr Baker also referred to a conversation between Haydock and his mother over Skype while he was visiting his uncle Joseph Grey at his home in Cardiff.

Haydock said: “We had a little bit of conversation and she started asking me about her money and where it had gone. I said I didn’t know where the money had gone, I could answer for the £137,000 she had given me but there was other money I had no idea about. She was asking for at least £200,000.

“I said I had spent the £137,000 to enjoy with the kids while they were younger but I didn’t go into details. I said I was sorry but she hadn’t given more than that.

“She said to me if I wrote a letter saying I promise to pay her £500 a month then she would tell the police the truth, that she had given me the money, there was no investment, and I wouldn’t be sitting here today.”

Newport Crown Court
Newport Crown Court

In his cross-examination of Haydock prosecutor Nicholas Gareth Jones said Haydock was not telling the truth.

He said: “Your mother relied on you and trusted you to look after your money didn’t she?” The defendant denied this.

Mr Jones continued: “And you pretended you were investing money for her and fobbed her off with monthly payments that was meant to be money coming in from your investment.” Haydock denied this.

Mr Jones then referred to the payments made to IG Index and Betfair shortly after the £137,000 was put into his account.

He said: “At this time Mr Haydock you were a serious gambler – you used to put various amounts of money in different places to make money didn’t you?” Haydock said: “I am not a gambler.”

When asked how much he had lost during the first month of the money being paid into his account, Haydock said: “£50,000.”

The defendant, of Matthysens Way in Trowbridge, Cardiff, denies fraud.

The trial continues.