Two financial advisers who lived a life of luxury after convincing hundreds of pension holders to transfer their plans into a sham company in a £20m con were each jailed for six years today
Two financial advisers who lived a life of luxury after convincing hundreds of pension holders to transfer their plans into a sham company in a £20m con were each jailed for six years today.
Rikki Nicholls, 56, and Mark Kelly, 51, persuaded 285 victims to move their plans to their company PCD Wealth and Pensions between September 2006 and April 2013.
The money was funnelled into risky investments without the consent of the pension holders who were charged hidden fees while the fraudsters paid themselves large bonuses, Southwark Crown Court heard.
Nicholls and Kelly denied but were convicted of conspiracy to defraud and transferring criminal property after a trial lasting more than five months.
Rikki Nicholls, 56, pictured, and Mark Kelly, 51, persuaded 285 victims to move their plans to their company PCD Wealth and Pensions between September 2006 and April 2013
Mark Kelly, pictured, and his partner Nichols funnelled the money into risky investments without the consent of the pension holders who were charged hidden fees while the fraudsters paid themselves large bonuses
Nicholls and Kelly, pictured, denied but were convicted of conspiracy to defraud and transferring criminal property after a trial lasting more than five months
Prosecutor Alex Mills said earlier ‘there were very substantial actual losses and a very substantial risk of loss.’
‘Both defendants were only concerned by their own financial gain.’
In an impact statement read to the court John Braddick, 77, said his losses had caused him ‘physical, emotional and mental suffering.’
Mr Mills said: ‘His life was put on hold.He could not plan his future’ and he spent less time with his wife due to ‘unnecessary strain on their relationship.’
Mr Braddick who was undergoing treatment for various conditions feels ‘completely betrayed.’
John Savage, 59, said he now suffers from severe depression and from low self-esteem.
‘I feel stupid for having fallen for such a scheme,’ he said in his impact statement.
Geoffrey Williams, 65, described the experience as a ‘nightmare’ and said ‘the whole affair is always in background.’
Kelly’s defence barrister David Wood argued that intended loss was not a factor in this case.
‘These schemes were meant to work.If these funds had worked as intended everyone would have made money including the investment holders.’
The pair were both jailed for http://www.prettyactivity.com/ six years by Southwark Crown Court after being found guilty following the marathon trial
He said that Equitable Life, one of the companies that pensioners were encouraged to divert their money away from, was doing badly at the time.
‘Many people wanted to move their money away from Equitable Life because they were losing money.’
<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-1b213cc0-04dd-11ed-9d1b-3795162996ca" website advisors jailed for six years after £22m pensions con