Pension fraud scam worth millions foiled

An elaborate scheme involving extensive pension fraud has been uncovered, and those behind the scam now face six-year jail sentences. The individuals behind the £20 million crime were convicted on money laundering charges and the conspiracy to defraud.

The complex plan was designed to persuade pension savers to transfer their personal pensions, which were then used by the fraudsters for their personal gains. The Crown Prosecution Service’s Jane Mitchell commented in a statement that:

“The harm caused by these fraudsters is immense, involving raids on the victims’ pension pots which wrecked their future livelihood and post-retirement plans.”

Along with supplying protective policies to safeguard their income and loved ones, wealth management firms can be counted upon for investment advice in Shropshire, Hampshire and other affluent areas of Britain. Able to offer an unbiased opinion on potential assets, advisors can help investors and savers avoid schemes and scams designed to steal their hard-earned money.

The Crown Court heard how victims of the scam were persuaded to add their names to application forms that had sections left blank, so they could later be completed by the fraudulent advisors. As a result, the fraudsters were awarded the power to assume control of the pension funds.

The funds were then placed into high-risk and unsuitable offshore investments that delivered the fraudsters exceptionally high commission rates. By extracting about 10 per cent of the gross sum in commission payments that were not authorised, the fraudsters were able to make over a million pounds each.

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