A man from South Shields, Tyne and Wear, who stole close to £3 million from his victims by selling fake investment plans, was recently sentenced to seven years in jail.
The victims involved believed they were investing their pensions and hard-earned money in a range of genuine financial schemes, but the plans were bogus, and none of them ever saw profits materialise.
The crime was first reported to Action Fraud, backed by two victims who had each sent the fraudster six-figure sums for him to invest on their behalf. Action Fraud then referred the case and its details to the Northumbria Police Force. Its specialist officers investigated and carried out a warrant on the fraudster’s home. There, they found several luxury cars at the property, including an Aston Martin Vanquish.
Individuals being scammed out of their savings for retirement is a serious issue. The UK’s pensions regulator estimates that around £2.5 trillion worth of pension wealth here in Britain is ‘accessible’ to unscrupulous fraudsters, which makes those with a private pension an attractive target for criminals.
UK savers who are presented with an investment opportunity can find it beneficial to take financial advice in Chester, Newcastle and other cities before committing any funds. As well as providing protective policies, independent financial advisors (IFAs) like wealth managers can examine potential investments with a trained and impartial eye, to help their clients avoid getting scammed and losing their pensions and savings.
