Two former financial advisers who persuaded savers to transfer their pension funds into accounts which were then poured into unsuitable offshore investments have been sentenced to six years imprisonment.
Mark Kelly of Wilmslow, Cheshire and Rikki Nicholls of Limehurst Newtown, Worcestershire were sentenced at Southwark Crown Court on Friday (15 July) for conspiracy to defraud and money laundering. The court heard that many of the victims - in turn predominantly Equitable Life customers - had lost the entirety of their pension. Savers were persuaded by the two financial advisers to transfer their pensions into self-invested personal pension accounts controlled by Kelly. This was done by presenting victims with application forms to sign that included blank sections later completed by Ke...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes