Pension fraudster sent to jail

Anil Kumar from Hertfordshire will today begin his four years sentence after setting up and advertising a bogus scheme allowing clients to 'unlock' funds they had placed in occupational and other pension schemes. The scheme, called the Stax, was set up by Kumar and Peter Rumball and was run between 1997 and 2000, during which it managed to get its hands on around £16.5m in transfer values. It involved getting hold of transfer payments from clients' pension funds to the funds of companies controlled by the scheme. These funds then bought "EU annuities" on behalf of the clients, who wer...