pension fraudsters jailed

15 July 2022 | News, Fraud and economic crime. Both tricksters, who were based in Spain, were part of a "criminal enterprise", according to The Pensions Regulator, as they cold called savers and talked them into transferring their pension. Pension fraudsters jailed Pension fraudsters face jail after NDA UK There is nothing I can do.". Mark Kelly and Rikki Nicholls devised a plan to persuade pension holders, predominantly Equitable Life customers, to transfer their pensions into accounts controlled by Mark Kelly. Fraudsters jailed for a total of 10 years after 13.7mn pension scam The pair were said to have passed the lions share of the money to Austin, who used it for his own personal benefit, to fund his businesses, pay others involved in the operation and enrich himself and family members. As part of its action to prevent further funds being removed from the pension schemes, TPR removed Barratt and Dalton from their positions as trustees in December 2014 replacing them with a firm of professional trustees. She said: I did this to try and make my retirement easier, but Ive been left high and dry. They were looking for their own pension pot, and decided to take mine instead - and that of many people as well as me," she said. A total of 13,737,202 was transferred into the scam schemes. Once the pension savings had been transferred, the pair sent the majority of the money to Mr Austin who is said to have used it for his own personal benefit, including to enrich himself and his family and fund his businesses. I am going to have to work for the rest of my life," the 62-year-old said. 'Britain's Pablo Escobar' arrested at home of female prison warden he enjoyed fling with in jail - but he's bailed hours later as ex-barrister dismisses 'breaches', Robert De Niro's grandson's cause of death at 19 revealed by his heartbroken mum, Shameless Health Secretary Steve Barclay heckled at 150-a-head NHS birthday meal, 'I'm losing my family home for three generations - I've lived here all my life', England U21s just one win from history as Young Lions roar through to Euros final, "I cant just lie down and accept it": Heartbreaking wish as Fiona Phillips scammed for thousands after Alzheimer's diagnosis, Coco Lee dies as tributes pour in for Mulan and Crouching Tiger Hidden Dragon star, Ray Winstone's very different career in Italy after his acting work dried up, Mystery of three young girls who fled Nazis is FINALLY solved after 84 years, Partygate Tory Shaun Bailey hides inside City Hall to dodge questions, Teen found alive after disappearing 8 years ago 'was living with his mum the whole time', Alan Titchmarsh accused of 'ruining' garden belonging to couple who fostered 150 kids, Subscribe to Daily Mirror and Sunday Mirror newspapers. 2022 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. There is nothing I can do., Pauline added: If there are other scammers out there, I hope they see the news of this sentencing and get the message that they will face the full force of the law for their crimes. He was sentenced to five years in prison. I'm not sure I will ever see that money again - I doubt it.". A confiscation hearing, to recover what might remain of the profits of the scam, is set to take place in November. The trio persuaded 245 people to transfer savings into fraudulent pension schemes, the Crown Court has ruled. Austin was part of TPRs investigation into the allegations but died in 2019, before it completed. When I think about it, I get panicky. Pension fraudsters face jail after 'mastermind' killed himse "My pension has gone. This is when someone comes into your store and anonymously scores you on, among other things, how good your []. He killed himself in 2019, before the criminal investigation was completed. FRAUDSTERS who conned almost 250 people out of their life savings in a multi-million-pound pension scam have been jailed. Once the savings had been transferred, the pair then passed the lions share of the money to mastermind David Austin who used it for his own personal benefit, to fund his businesses, pay others involved in the pension liberation operation and enrich himself. Behind the Headlines: Why has provider service gone to pot? Your email address will only be used to reply to your comment. If you continue browsing, we assume that you consent to our use of, News & analysis delivered directly to your inbox, The Morning Briefing: Poor customer service and can govt bonds make ESG grade, FOS has more than 13,900 open complaints related to fraud and scams. Scotland Yard detectives traced over 250 victims from across the UK and seized 10,000 documents following a tip-off from the Financial Services Authority, now the Financial Conduct Authority. By using this website you are consenting to the use of cookies. A man and woman who scammed 245 people out of 13.7m in pension savings have been jailed. The court was told the scam's "mastermind" David Austin killed himself in 2019 after being invited for a police interview under caution. Two sham pension 'advisers' have been imprisoned for a pension fraud worth over 20m which caused many of the victims to lose their entire pensions Five tax fraudsters ordered to pay 20m Most wanted HMRC tax fugitive jailed over 20m VA. Scam Revenue site launched by fraudsters Pension fraudsters jailed after 13m scam Alan Barratt, 62, and Susan Dalton, 66, tricked people into transferring savings to schemes supposedly investing in property or "truffle trees". He was a trustee for six schemes and sucked in 139 victims and over 7.7 million of their savings, the judge was told. Hundreds fleeced out of millions by the rogue pension fraudsters. The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. Barratt received a sentence of five years and seven months while Dalton was sentenced to four years and eight months in prison. The man lied to benefits bosses about his income, which included a tax-free lump sum and pension payments. A pair of fraudsters who what part of a criminal enterprise that tricked more than 200 save into transferring their pension pots the fraudulent schemes they . These scammers have ruined my life. Two fraudsters who duped people out of their life savings in a 13.7 million pension scam have been jailed. The 58-year-old was looking after her terminally ill mother when she got a text offering her cash and a better deal on her pension in return for transferring her pot. Apply for your FREE Money Marketing subscription today to start benefiting from our award-winning editorial content delivered to your home or office every month. Your browser is out of date, and unable to use many of the features of this website. Alan Barratt, 62, and Susan Dalton, 66, tricked hundreds of people into transferring their pension savings into 10 schemes, which they controlled. Delivering his judgement, Judge Perrins said both Dalton and Barratt had acted as principal points of contact for victims, earned substantial commission payments and were both aware that fraud was taking place. They were also co-directors of an offshore fund called Kratos Enterprises based in the British Virgin Islands. "I was just trying to secure a future so I wouldn't have to depend on the state, but they have just happily and willingly stolen that money off me. The pair were also banned from acting as company directors for eight years following a request by TPR. 66-year . Victims of the scam have been left devastated after losing much of their life savings - and years on the money has still not been recovered. In a statement read to the court, she said she felt huge remorse for her role in the scam, adding: I want to sincerely apologise to all those who have been affected, including my own brother.. Fraudsters jailed for a total of 10 years for 13 million pension scam Without the knowledge of the victims, funds were placed into high risk and wholly unsuitable offshore investments. Zoouc9isy05yrm 1 day agoTwo pension fraudsters have been jailed for a combined total of more than 10 years for their roles in a scam that saw over 200 savers tricked into transferring 137m into fraudulent schemes . That is not a nice feeling to have," she said, urging others to be wary of similar offers. A pair of fraudsters who were part of a criminal enterprise that tricked more than 200 savers into transferring their pension pots into fraudulent schemes they controlled have been jailed for a total of more than 10 years. They were sentenced to just under six years in prison, only half of which they must serve. London, SW1H 9EA. This data was revealed through a Freedom of Information (FOI) request sent to FOS by Money Marketing. DWP launches online Midlife MOT for older workers, IFS: savers approaching retirement undecided on how to access pot, Carey parent wins right to take Fos to court, Fos orders Connells to compensate clients over mortgage offer, Rising interest rates and restricted tax relief 'brewing storm' for landlords, Ten hurdles to overcome in fast-evolving tax planning, Threshold freeze bites as number of taxpaying pensioners soars, Carers lose 5k in retirement for each year out of work. This website requires javascript. A 2018 civil trial ordered the trio to repay millions, but the funds were largely transferred to offshore accounts and have not been recovered. We use necessary cookies to make our website work. Two fraudsters have been jailed for their part in a series of scams in which 245 people lost millions of pounds in pension savings. Shell companies were set up to pose as named employers for the fraudulent occupational pension schemes, while Barratt and Dalton were named as directors, the judge heard. Have your say He said she had believed the schemes were legitimate and even convinced her own brother to part with 250,000. Two fraudsters have been jailed for tricking more than 200 savers into transferring their pension pots into fraudulent schemes. "I felt stupid. One in 3,000 chance of being jailed for fraud - The Telegraph The court also heard how during the scam, Dalton was a trustee for four fraudulent occupational pension schemes and duped 103 victims out of a total of just over 5.9 million, taking around 126,000 for herself. The fraud has had a devastating impact on the victims with many saying they are now suffering financial and mental health issues and are ashamed to have lost their savings. Detective Superintendent John Roch, head of the Mets Economic Crime team, said: Both men put their own financial gain over the interest of over 250 victims, losing their money and leaving some in financial ruin, whilst earning lucrative sums themselves. Something went wrong, please try again later. Fraudsters jailed for decade over 13m pensions scam Pension fraudsters who duped 245 victims out of 13.7million life They were then sent details of a firm producing so-called truffle trees in the West Country. The investigation focused specifically on the overseas Kratos fund as this was clearly a Ponzi fraud scheme. BBC News - Pension fraudsters jailed after 13m scam https://lnkd.in/ekFPFsQD If you think you can steal someone else's retirement and get away with it Barratt was arrested in Spain and sent back to the UK in 2021 - the first time the Pensions Regulator had extradited a suspect. I would ask anyone who is contacted by a cold caller about an investment to be vigilant. Susan Dalton, 66, from Lancashire, and Alan Barratt, 62, from Essex, who helped con 245 victims between 2012 and 2014, were sentenced to four years and eight months and five years and seven months respectively at Southwark Crown Court on Friday. One victim Denis Mountford, from Birmingham, said: When I first discovered that my pension fund was rapidly diminishing and inaccessible, I was very cross with myself for trusting poor financial advisors who had taken a high percentage commission and also I was disgusted with them. Both stood and looked straight ahead in the dock as the sentences were handed down. Pension Scammers Jailed: 2 Pension Fraudsters Jailed after 245m Scam Two Scammers have been imprisoned for participating a series of scams that have cost 245 individuals a large number of pounds in their superannuation savings. A 'large amount' of cash was stolen from an ATM inside a Carlisle petrol station. Pension fraudsters jailed over 20m scam | Accountancy Daily Nicholls, of Linthurst Newtown, Blackwell, Bromsgrove and Kelly, of Maplewood Road, Wilmslow, Cheshire were convicted of conspiracy to commit fraud and transferring criminal property following a five-month trial at Southwark Crown Court. The impact has been devastating. Our successful extradition of Barratt from Spain also shows theres no haven for scammers. No: 12475190VAT registration number: 343486488. Pension fraudsters jailed - ChandniDonan Passing sentence on Friday at Southwark Crown Court, Judge Gregory Perrins said the pair caused 'such misery to so many people', with victims suffering mental health problems and some even attempting suicide. Dalton felt "huge remorse" for her role in the con, said her lawyer George Payne. Alan Barratt and Susan Dalton, part of a scam which tricked more than 200 savers into transferring their pension pots into fraudulent schemes they controlled, have been jailed for a total of 10 years. The pair were part of a criminal enterprise which persuaded 245 members of legitimate occupational pension schemes to transfer their pension savings, worth about 55,000 on average and with a total value of 13.7 million, into scam pension schemes under the control of the defendants. Andy Morley on LinkedIn: Pension fraudsters jailed after 13m scam Read about our approach to external linking. The court heard how Barratt who was extradited to the UK from Spain in 2021 in connection with the fraud and Dalton were key participants in a high-value pension liberation fraud between 2012 and 2014. Cookies have small files store on your device. I dont know how one can tell if a financial advisor is totally trustworthy, except by recommendations from people you can trust and I hope that this case will be a warning to others. Pensions minister Guy Opperman said he welcomed the sentence and thanked the Pensions Regulator "for its role in bringing the perpetrators to justice". 10% off spirits in the Whisky Exchange sale, 5 off 45 orders with this Iceland discount code, Enjoy 40% off canvas prints, mugs and photobooks - Vistaprint discount code, Taylor Swift adds 14 new dates to The Eras Tour in UK and Europe, Just Stop Oil protesters disrupt Wimbledon twice, Absolute carnage as High Street lenders lift mortgage rates again, Drive-by gunman on e-scooter shot teen on moped who crashed and died, Revealing ULEZ camera sites would mean more even vandalism, says TfL, Beckham leads celebrity attendees at Wimbledon as he watches with mum, 22million from pensions wrecking clients lives, devised a complex plan to persuade hundreds of workers to transfer their life savings and then used the money for their own financial gain, Former Met Police officer jailed for raping woman, Three Just Stop Oil protesters charged with trespass after disrupting Ashes test, Met Police officer guilty of sexually assaulting woman in sea after stag do, Police spying unit should have been shut down in 1970s, report finds, Judge rules doctor was driving too fast despite being under 30mph limit, Sadiq courted disaster by seeking to rush through Ulez expansion, Why is TCM closing down? Privacy Statement. Judge Gregory Perrins said the pair had caused "such misery" with victims developing mental health problems and some even attempting suicide. Set your privacy preferences. The Pensions Regulator on LinkedIn: Fraudsters jailed for a total of 10 Should big tech be able to read people's messages? Kent firefighter, Glenn Perkins, who transferred 146,000 to the scammers in 2013, told the court how he felt "worthless and useless" and now struggles with mental health problems as a result of falling victim to the fraudsters. Plainly, he was chosen by Mr Austin because he was unsophisticated, he told the court, adding Barratt was profoundly sorry. Two financial advisors who committed a series of fraud offences have been jailed following an investigation by Cumbria Constabulary. TV channel goes off air, Man given hospital order after killing 20-year-old in front of family. Barratt's lawyer, Senghin Kong, told the court his client was "profoundly sorry" and had been "a tool to be used" by the scheme's so-called mastermind, David Austin. Carl Dowling, Lead Lawyer at The Pensions Regulator, which brought the prosecution, speaks following the sentencing. Passing sentence, Judge Gregory Perrins said the pair caused "such misery to so many people", with victims suffering mental health problems and some even attempting suicide. Following the end of the trial TPR began a criminal investigation. Please review our, You need to be a subscriber to join the conversation. Barratt and Dalton were part of a criminal enterprise that tricked hundreds of savers into transferring their hard-earned pension pots into scam schemes under their control. Pension fraudsters jailed after 13m scam - BBC News I have read 13 victims personal statements, they each tell a similar story, which Im sure is representative of all. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Your browser currently has cookies disabled. If you continue browsing, we assume that you consent to our use ofcookies. Number of convicted fraudsters sent to jail has more than halved, data shows. However, none of the victims have yet to receive a penny of the money they should have been refunded. We usecookiesfor a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. You must be at least 18 years old to create an account, Must be at least 6 characters, include an upper and lower case character and a number, I would like to be emailed about offers, events and updates from Evening Standard. Nicholls voluntarily returned from his residence in Dubai and Kelly was arrested for fraud in May 2014. The pair were sentenced at Southwark Crown Court on April 22, after admitting charges of fraud by abuse of position arising from their roles as trustees of pension schemes following a prosecution brought by the Pensions Regulator. Sign up today and make your voice heard. Sky and Virgin Media channel to shut down, Why has Ideal World been suspended? Fraudsters jailed over 13.7m pension scam that conned 245 - LBC The men transferred the money overseas into the Kratos fund. Speaking on behalf of Barratt, Senghin Kong said the defendant had been kept in the dark about many aspects of the scheme and was a tool to be used by Austin. Damaged electric cars quarantined over fears they will explode, The great Ulez revolt drivers snub fines with 250m unpaid in a year, The companies that let you work from anywhere and how much they pay, The careers that will survive the AI revolution and pay the highest salary, When banks can close accounts and what to do if yours is affected, One small thing that can make the biggest difference to your family when you die. The pair were part of a criminal enterprise which persuaded 245 members of legitimate occupational pension schemes to transfer their pension savings. "Each account that I have read is a story of a life ruined by your actions and you should both be ashamed," he said. Stephen OReilly, 61, from the Isle of Wight, lost 104,000 to the scam, after being lured by an online advertisement. Scammers who conned 245 people out of millions in pension savings jailed Id hoped to buy a little property and do it up but these scammers have put an end to that. Alan Barratt, 62, and Susan Dalton, 66, were jailed at Southwark Crown Court on Friday, April 22. In most cases they didnt declare their conflict of interest, being directors of both companies, and didnt ask permission to transfer the money. The defendants, and other sales agents, told victims their existing pension arrangement was not giving a healthy return and transferring to a new scheme could increase their retirement savings. Please enable javascript to ensure you can use this website to its full extent. However, six months later, she was devastated to get a letter explaining she had been the victim of a scam and had lost 45,000. Alan Barratt, 62, and Susan Dalton, 66, tricked people into. In a statement read in court, she said she apologised to victims and punished herself every single day for her part in the fraud. The duo were based in Spain and gave savers unrealistic returns, cash bonuses, and John Lewis vouchers before getting them to transfer their pensions from legitimate schemes to fraudulent ones. Two fraudsters were jailed today for a 14million pension scam which saw almost 250 people lose their life savings. Your browser currently has javascript disabled. 2 Pension Fraudsters Jailed after 245m Scam Two Scammers have been imprisoned for participating a series of scams that have cost 245 individuals a large number of pounds in their superannuation savings. Our successful extradition of Barratt from Spain also shows theres no haven for scammers. Subscribe to our mailing list to receive daily updates direct to your inbox! Two fraudsters have been sentenced to prison for fleecing pension savers out of 14m after the brains behind the scam killed himself. Scammers who conned 245 people out of millions in pension savings jailed, Alan Barratt made about 343,000 from the con and Susan Dalton about 126,000, NHS nurse may have to sell house after scam. We also benefit available cookies to improve our services the tell us if you are seen my advertisements. "I did this to try and make my retirement easier, but I've been left high and dry," she said. 1 day agoFraudsters jailed over . SEOCID was launched on 1 April 2022 and is the CPS response to the changing nature of crime by bringing together specialists in organised and economic crime as the lines in this criminality is being blurred even more. The pair were also banned from acting as company directors for eight years following a request by TPR. Lead lawyer for the regulator, Carl Dowling, branded the scam "despicable", adding the sentence sent "a clear message". A civil trial brought by The Pensions Regulator against Austin, Barratt, Dalton and others took place at the High Court in 2018, after which the trio were ordered to repay millions in ill-gotten gains. Previously, his mineworker's pension from 14 years working underground had been inappropriately transferred and he received compensation. Pension fraudsters jailed after 13m scamVisit The Post News for up-to-the-minute news breaking news video audio and feature stories. The trial heard that Dalton made around 126,000 from the scam, and Barratt around 343,000. In mitigation for Dalton, the court heard that she "turned a blind eye" to the fraud. Furthermore, Barratt was a trustee for seven schemes and sucked in 139 victims and over 7.7 million of their savings, personally profiting around 343,000, the judge was told. He said: What is most striking is the impact on others, which has been utterly devastating. The supposed review led to a call from Dalton after which he transferred 114,000 in pension savings. Cookies are small files stored on your device. A pair of fraudsters who were part of a criminal enterprise that tricked more than 200 savers into transferring their pension pots into . Only registered users can post comments. 'My pension is invested in truffle trees', Impact of scams on wellbeing calculated as 9bn, Palestinian families return to rubble in Jenin, Instagram owner launches Twitter-like app Threads, Oil giant Shell warns cutting production 'dangerous', Palestinians fear escalation after Jenin assault, Cuba turns to old ally Russia to tackle fuel crisis, 'For the politicians of France, we are nothing', The battalion of black women erased from history. People who had worked hard, saved for their future and have been robbed of their financial security. I am just surviving on benefits.. Investors have been robbed of their security in later life, the judge ruled. While friends and family talk about retiring I will probably have to keep working until Im no longer fit to do so. All rights reserved. One victim told the BBC that the fraudsters had wanted to secure their own pension "by taking mine instead". Fraudsters jailed for 14m pension scam that cost 250 victims their "If that money had been properly invested, it would have meant I could retire when I wanted to retire," said Mrs Padden, 58, who has been a critical care nurse for 40 years. Judge Perrins added: These are undoubtedly extremely serious offences in which each of you carried out the role of trustee dishonestly and, put simply, had you not done so many people would not have had their lives ruined.. Following the end of the trial TPR began a criminal investigation. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. Dundee pensioner jailed for 43,800 benefit fraud - BBC News Flourtown Homes For Sale, Articles P