Financial advisors jailed in £6m scam
An Inland Revenue investigation has resulted in the imprisonment of two financial advisors who set up a £6m 'pension liberation scam'.
Steven Clive Russell, 61, of Chapel Lane, Little Bourton, in Banbury was jailed for four years and his partner, William James Ferguson, 56, of Lillington Avenue in Leamington Spa, received an 18 month sentence at the Oxford Crown Court yesterday.
Following an investigation by the Revenue’s Special Compliance Office, they both pleaded guilty to several charges of Cheating the Public Revenue through an elaborate pension scheme scam, which netted them over £6m and cost the Revenue £1.8m in lost tax.
Clients were deceived into transferring their pension funds into four dormant companies holding Pension Scheme office approval. Russell and Ferguson controlled the bank accounts of these companies and deducted 20% of fund transferred and paid the remainder to their clients.