£13m pension fraudsters compelled at hand over belongings

Two convicted ‘pension liberation’ fraudsters have been ordered at hand over the vast majority of their belongings after a Proceeds of Crime investigation by The Pensions Regulator (TPR).

The TPR says that the conclusion of its investigation right into a £13m pension fraud implies that the impartial trustees operating schemes hit by the fraudsters’ crimes can take steps to push forward with claims on the Fraud Compensation Fund.

Beneath the Proceeds of Crime Act, Alan Barratt, 64, of Burnham Highway, Althorne, Essex and Susan Dalton, 68, of Brookdale, Rochdale have been ordered to pay £9,771 and £25,010 respectively at Southwark Crown Courtroom yesterday (Wednesday).

Mr Barratt and Ms Dalton have been jailed for a complete of 10 years in April 2022 after admitting to participating in a “prison enterprise” that tricked greater than 200 savers into transferring their pension pots into fraudulent schemes they managed.

The 2 have been jailed for his or her half within the £13m ‘pension liberation’ rip-off which noticed a whole bunch of savers lose their pension pots following a fraudulent pension switch.

Some 245 pension savers have been persuaded between 2012 and 2014 to switch a complete of £13.6m in pension financial savings into 10 pension schemes managed by the pair. The funds have been then fraudulently moved elsewhere leading to almost all the pension financial savings being misplaced.

Lots of the victims have been lured to belief the pair by the promise of a ‘free pension assessment’ – a technique which is usually utilized by scammers to discover victims.

Victims have been instructed that their cash could be invested in low threat investments nonetheless it was largely invested in esoteric initiatives, together with so-called ‘truffle timber’ and abroad property, or spent on funding luxurious life for among the scammers.

TPR investigators mentioned the sums symbolize the “overwhelming majority” the duo’s remaining belongings. If additional belongings are later discovered to be linked to the pair, the TPR says it could possibly ask the courtroom to extend the quantity payable beneath a confiscation order.

Nicola Parish, TPR’s govt director of frontline regulation, mentioned: “We already put fraudsters Barratt and Dalton behind bars, now we’re depriving them of the rest of their ill-gotten beneficial properties.

“Our ideas proceed to be with the pair’s victims, lots of whom noticed their lives devastated by Barratt and Dalton’s crimes. Considerably the top of the POCA proceedings brings a declare on the Fraud Compensation Fund a step nearer.”

Mr Barratt obtained a jail sentence of 5 years and 7 months whereas Ms Dalton was sentenced to 4 years and eight months in jail. In the event that they fail to pay, they threat an extra jail time period and can nonetheless be chargeable for the ordered sums, plus curiosity.

The cash can be returned to the affected pension schemes which at the moment are being run by the impartial trustee Dalriada Trustees Restricted.


Please enter your comment!
Please enter your name here

Read More