PracticeAccounting FirmsFinancial advisors jailed in £6m scam

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'.

Link: Hull accountant jailed for conspiracy

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.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

2d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

3d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor