The judge was told the cash bonuses, which victims were led to believe were part of a commission payment from the new schemes, were actually taken from their savings. A pair of fraudsters who were part of a criminal enterprise that tricked more than 200 savers into transferring their pension pots into . The court heard that the total amount taken from the schemes by Barratt and Dalton for their personal benefit was 250,416.49 and 126,624.69 respectively. Rikki Nicholls, 57, and Mark Kelly, 51, devised a complex plan to persuade hundreds of workers to transfer their life savings and then used the money for their own financial gain. 2023 BBC. Barratt received a sentence of five years and seven months while Dalton was sentenced to four years and eight months in prison. Southwark Crown Court heard how Susan Dalton, 66, and Alan Barratt, 62,. Your browser currently has javascript disabled. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? Two fraudsters were jailed today for a 14million pension scam which saw almost 250 people lose their life savings. They divorced in 1997. Pension Scammers Jailed: 2 Pension Fraudsters Jailed after 245m Scam Other scheme monies were lost through highly speculative and inappropriate investments, such as an unbuilt timeshare development in St Lucia, which ultimately yielded no return. Cookies have small files store on your device. I have read 13 victims personal statements, they each tell a similar story, which Im sure is representative of all. In fact, the pair directed their victims pension money to investment funds which were lucrative to themselves, via high commission payments. We use your sign-up to provide content in the ways you've consented to and improve our understanding of you. Kelly and Nicholls extracted around 10% of the gross sum in unauthorised commission payments in excess of 1 million each for their own benefit. Others who lost huge sums include Kent firefighter Glenn Perkins, who transferred 146,000, and says he now struggles with mental health problems. Fraudsters jailed for a total of 10 years for 13 million pension scam One in 3,000 chance of being jailed for fraud - The Telegraph 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. The pair were also banned from acting as company directors for eight years following a request by TPR. "Each account that I have read is a story of a life ruined by your actions and you should both be ashamed," he said. I have read 13 victims personal statements, they each tell a similar story, which Im sure is representative of all. Pension fraudsters face jail after 'mastermind' ki Pension They knew, and they just took it anyway.". I have read 13 victims personal statements, they each tell a similar story, which Im sure is representative of all. 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. Should big tech be able to read people's messages? Mr Barratt had only a limited awareness and understanding to everything that Mr Austin was doing. Alan Barratt, 62, and Susan Dalton, 66, tricked hundreds of people into transferring their pension savings into 10 schemes, which they controlled. Delivering his judgment, 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. All rights reserved. The court was told the scam's "mastermind" David Austin killed himself in 2019 after being invited for a police interview under caution. A man and woman who scammed 245 people out of 13.7m in pension savings have been jailed. Please review our, You need to be a subscriber to join the conversation. He added: Many of the victims are vulnerable by age and financial position, and as a result of the actions of these men, they have been left in severe financial difficulties. 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. Dalton felt "huge remorse" for her role in the con, said her lawyer George Payne. My children are worried and angry as they know I have worked so hard. 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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. They ask me why Im not giving up work. Plainly, he was chosen by Mr Austin because he was unsophisticated, he told the court, adding Barratt was profoundly sorry. Pension fraudsters jailed after 13m scamon April 22, 2022 at 2:25 pm | Home of Science More Former mineworker Stephen O'Reilly was among their victims, lost more than 100,000, and now has to work in a bookmakers to pay his bills. The average loss was 55,000, but some lost much more. Two fraudsters have been jailed for their part in a series of scams in which 245 people lost millions of pounds in pension savings. 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. As the voice of the adviser community, our content generates robust debate. Read about our approach to external linking. These man have caused so much distress and anxiety to them. The actions of Peake and Taylor were catastrophic for those who trusted their money to them, with many having lost significant sums through their fraudulent behaviour.. Two fraudsters have been sentenced to prison for fleecing pension savers out of 14m after the brains behind the scam killed himself. Pension fraudsters jailed - ChandniDonan It has gone forever. 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. Many victims were left with no pensions and will have to work well beyond their retirement date to provide for themselves and their families.. Amir Khan says he feels 'unsafe' in London and blames mayor for high crime, Bourne End murder inquiry: Victims died of stab wounds to chest and abdomen. I was going to move to Spain. 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. Susan Dalton, 66, along with Alan Barratt have been jailed at Southwark Crown Court, Alan Barratt arrives at Southwark Crown Court, London, PE teacher, 30, molested 14-year-old schoolboy and bombarded him with naked Snapchats, Mum dies from accidental overdose after drinking Lemsips to manage her cough. Please enable javascript to ensure you can use this website to its full extent. Please use Chrome browser for a more accessible video player. This means that we may include adverts from us and third parties based on our knowledge of you. 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. This prosecution and substantial custodial sentence sends a clear message that TPR and the courts will take tough action against fraudsters. The court was also told how a solicitor had also been instructed to send disgruntled victims comfort letters and threaten legal action. In a statement read in court, she said she apologised to victims and punished herself every single day for her part in the fraud. A Dundee pensioner who carried out a 43,800 benefit fraud has been jailed for a year. To get this in your inbox every morning click here. The judge heard that, despite being based in Spain, Dalton and Barratt "deceived" banks in Britain into believing they were in the UK in order to open accounts. Fraudsters jailed for multimillion-pound pension s Pension 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. Jane Mitchell, of the CPS, said: The harm caused by these fraudsters is immense, involving raids on the victims pension pots which wrecked their future livelihood and post-retirement plans. Criminal investigations followed the civil proceedings, which culminated in Friday's sentencing. Now Im on a mission to #breakthetaboo. In 2018, Austin and Barratt were ordered to repay 7.7m and Austin and Dalton 5.9m to those who had lost out. Operation Mille: 130m worth of cannabis, 636,000 of cash and 20 guns seized in UK-wide crackdown, Wimbledon: Just Stop Oil protesters halt play twice as home secretary attacks 'unacceptable' behaviour, Charles presented with Scotland's crown jewels - but two arrested outside and protesters shout 'not my king'. Two fraudsters who duped people out of their life savings in a 13.7 million pension scam have been jailed. These were worth about 55,000 on average and with a total value of 13.7m, into scam pension schemes under the control of the defendants. Scammers who conned 245 people out of millions in pension savings jailed However, the funds, most of which were transferred to offshore accounts, have never been recovered, the court was told. The defendants, based in a call centre in Spain, were handed names of potential victims found by introducers via cold calls and internet enquiries offering free pension reviews. That is not a nice feeling to have," she said, urging others to be wary of similar offers. However, the investigation identified victims nationwide, mostly in the south of the country. Austin was part of TPRs investigation into the allegations but died in 2019, before it completed. A total of 13,737,202 was transferred into the scam schemes. Dundee pensioner jailed for 43,800 benefit fraud - BBC News One victim in that case said he and his wife were assured their pensions would be invested in low-risk investments. Fraudsters jailed for a total of 10 years after 13.7mn pension scam Find out more, Compare the latest deals on Telegraph Media Group Mobile and Broadband. When I think about it, I get panicky. 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.. Pension fraudsters jailed after 13m scam | User Walls Two 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 13.7m into fraudulent schemes. The investigation focused specifically on the overseas Kratos fund as this was clearly a Ponzi fraud scheme. 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 . 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. Are you happy to accept these cookies? Susan Dalton, 66, and Alan Barratt, 62, swindled 245 victims out of 13.7 million over a two-year period. The Pensions Regulator is the regulator of work-based pension schemes in the UK . Fraudsters jailed for 14m pension scam that cost 250 victims their The trio persuaded 245 people to transfer savings into fraudulent pension schemes, the Crown Court has ruled. This was after admitting charges of fraud by abuse of position arising from their roles as trustees of pension schemes. information online. Dalton and Barratt were based in Spain when they enticed savers with the promise of unrealistic returns, cash bonuses, and John Lewis vouchers before getting them to transfer their pensions from legitimate schemes to fraudulent ones, the court heard. Carl Dowling, Lead Lawyer at The Pensions Regulator, which brought the prosecution, speaks following the sentencing. 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. Alan Barratt, 62, and Susan Dalton, 66, tricked people into. However, itannounced on March 30that it haddropped its case against Hanson, who had pleaded not guilty. Pension fraudsters face jail after 'mastermind' killed himse A confiscation hearing, to recover what might remain of the profits of the scam, is set to take place in November. 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. In most cases they didnt declare their conflict of interest, being directors of both companies, and didnt ask permission to transfer the money. She said the experience had left her anxious and she finds it hard to trust people. Two scammers have been imprisoned today (15 July 2022) for a pension fraud worth over 20 million which caused many. Barratt was arrested in Spain and sent back to the UK in 2021 - the first time the Pensions Regulator had extradited a suspect. The court heard that Barratt and Dalton effectively surrendered control of the accounts and the pension scheme funds allowing non-trustees including Austin and others in the criminal enterprise to do what they wished with the money. Fewer than one in 3,000 fraud offences committed last year resulted in . Registered office At 10th Floor, Southern House, Wellesley Grove, Croydon, England, CR0 1XG. Peake was convicted of eight charges and Taylor of seven. "Each account that I have read is a story of a life ruined by your actions and you should both be ashamed," he said. A solicitor was also instructed to send worried victims comfort letters and threaten legal action, the court was told. A confiscation hearing, to recover what might remain of the profits of the scam, is set to take place in November. Barratt was a trustee for six schemes and scammed 139 victims and over 7.7 million of their savings, personally profiting by around 343,000, the judge was told. Rikki Nicholls (DOB: 11/05/1965) was convicted of conspiracy to defraud and money laundering at Southwark Crown Court. Please consider getting independent professional advice before making a significant financial decision.. 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. Pension fraudsters jailed. Two fraudsters have been jailed for their part in a series of scams in which 245 people lost millions of pounds in pension savings. The CPS is committed to work with law enforcement to bring prosecutions where criminals commit fraud and money laundering and to compensate victims wherever possible, through confiscation proceedings. Two fraudsters have been jailed for their part in a series of scams in which 245 people lost millions of pounds in pension savings. Pension fraudsters face jail after 'mastermind' killed himself Nicholls voluntarily. 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.
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