Trustee duo who did not take suitable advice sentenced over illegal loans

Prosecution by The Pensions Regulator leads to two suspended sentences

clock • 2 min read

Two former pension scheme trustees have received suspended sentences for making illegal loans of £236,000 from a company pension scheme to the scheme's employer.

Company directors Andrew Kyprianou of Greater London and Colin Werb of Derbyshire - who had previously admitted two counts of making prohibited employer-related investments - were sentenced to 16 months in jail for each offence, suspended for two years. They were also ordered to carry out 250 hours of unpaid work. The sentencing of the two took place at Leeds Crown Court on Friday (25 November) following prosecution by The Pensions Regulator (TPR). The court heard that the pair, directors of textile suppliers Eastman Staples Limited, had fabricated minutes of meetings to disguise loan...

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