Advisers plead guilty to scamming clients out of pension funds
Two advisers have pleaded guilty to scamming clients to gain access to their pension funds.
Between 2008 and 2015, brothers Alan and Russell Taylor defrauded over 200 of their clients out of millions of pounds using their company, Taylor & Taylor.
Targeting those who were who were typically vulnerable, the pair fraudulently created client records and misrepresented documents, which they would then persuade their clients to sign.
The brothers would then transfer the funds they had accessed to Vantage Investment Group Ltd., another company which they owned, investing them in a high-risk finance scheme. They would take 20% of the profits if the investments paid off and if they didn’t, this would essentially be hedged by the client.
The investigation into the advisers was prompted in 2015, after a number of clients indicated they were worried about their money being lost. After getting in touch with Action Fraud, the information was passed on to the Norfolk Police. The case was then transferred to the Eastern Region Special Operations Unit after the scale of the fraud emerged.
Both brothers were arrested for fraud offences, later pleading guilty to conspiracy to defraud.
They are currently awaiting sentencing, scheduled for the week commencing 30 April.
Commenting on the case was Detective Chief Inspector Liz Fernandes of the Eastern Region Special Operations Unit: “This was a hugely complex investigation involving a total of 239 victims, who were conned out of around £17million in total.
“The Taylor brothers greatly abused the trust their clients had in them and invested their hard-earned money into a high-risk investment scheme akin to a roulette wheel. All this was for their own personal gain – to fund their lavish lifestyle and tastes, with the brothers splashing out on purchases such expensive cars and even a private boat.
“I’m pleased that both men have pleaded guilty, saving the victims the further trauma of having to give evidence in court. We are determined to tackle criminals such as the Taylors who think that they can use deception to help themselves to other people’s money. I hope this shows that ultimately, crime will never pay.”