Two scammers have been imprisoned today (15 July 2022) for a pension fraud worth over 20 million which caused many of the victims to lose their entire pensions. On his 55 birthday, Stephen received a call from the independent trustee appointed to the scam pension scheme he had transferred into with the devastating news that his money was gone. Susan Dalton, 66, along with Alan Barratt have been jailed at Southwark Crown Court, Alan Barratt arrives at Southwark Crown Court, London, PE teacher, 30, molested 14-year-old schoolboy and bombarded him with naked Snapchats, Mum dies from accidental overdose after drinking Lemsips to manage her cough. These were worth about 55,000 on average and with a total value of 13.7m, into scam pension schemes under the control of the defendants. Operation Mille: 130m worth of cannabis, 636,000 of cash and 20 guns seized in UK-wide crackdown, Wimbledon: Just Stop Oil protesters halt play twice as home secretary attacks 'unacceptable' behaviour, Charles presented with Scotland's crown jewels - but two arrested outside and protesters shout 'not my king'. Barratt's lawyer, Senghin Kong, told the court his client was "profoundly sorry" and had been "a tool to be used" by the scheme's so-called mastermind, David Austin. We use necessary cookie to make our your work. This prosecution and substantial custodial sentence sends a clear message that TPR and the courts will take tough action against fraudsters. He was given a small commission, which was actually part of his own pension, and told some of the money would be invested in overseas property. Two fraudsters who duped people out of their life savings in a 13.7 million pension scam have been jailed. Victims lost anything between 10,000 to 200,000. The court set a timetable under the Proceeds of Crime Act to investigate whether any of the money taken in the fraud can be recovered from the defendants, with an initial hearing set for November 4, the regulator added. London, SW1H 9EA. Subscribe to our mailing list to receive daily updates direct to your inbox! Your browser is out of date, and unable to use many of the features of this website. "Each account that I have read is a story of a life ruined by your actions and you should both be ashamed," he said. Susan Dalton, 66, and Alan Barratt, 62, have been jailed after conning 245 victims out of a total of 13.7 million between 2012 and 2014 - leaving one victim "devastated". The mum of three from Merseyside says shes been robbed of the prospect of ever retiring and may even be forced to sell her home. Former mineworker Stephen O'Reilly was among their victims, lost more than 100,000, and now has to work in a bookmakers to pay his bills. Mr Austin was provided with blank cheques to fraudulently withdraw funds from the pension scheme accounts. I was putting my money into my pension.. I tell them that I cant - I cannot afford to live. They had enticed them with unrealistic returns, cash bonuses and John Lewis vouchers. Both stood and looked straight ahead in the dock as the sentences were handed down. They were also co-directors of an offshore fund called Kratos Enterprises based in the British Virgin Islands. The pair were part of a criminal enterprise which persuaded 245 members of legitimate occupational pension schemes to transfer their pension savings. What is the fastest broadband in my area? Barratt and Dalton's crimes have had a devastating impact on their victims," he said. The pair were said to have passed the majority of the money to Austin, who used it for his own personal gain, to fund his businesses, pay others involved in the operation and fund his lifestyle. Barratt and Dalton were part of a criminal enterprise that tricked hundreds of savers into transferring their hard-earned pension pots into scam schemes under their control. Multimillion-pound pension fraud suspect changes plea to guilty; TPR narrows pursuit in pension fraud investigation; TPR takes three suspects to court over multimillion-pound fraud; Scammers ordered to pay back 13.7m; Pair of 'advisers' jailed over 20mn pension fraud; Scammer sentenced to three years in prison BBC News - Pension fraudsters jailed after 13m scam https://lnkd.in/ekFPFsQD If you think you can steal someone else's retirement and get away with it Read our, {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}. Im in finance, how did I get myself into a money mess? Or by navigating to the user icon in the top right. The court also heard how during the scam, Dalton was a trustee for four fraudulent occupational pension schemes and duped 103 victims out of a total of just over 5.9 million, taking around 126,000 for herself. All rights reserved. A pair of fraudsters who were part of a criminal enterprise that tricked more than 200 savers into transferring their pension pots into . One victim in that case said he and his wife were assured their pensions would be invested in low-risk investments. The majority of victims savings were routed via Austins companies, through off-shore bank accounts and then sent back to Austin. However, none of the victims have yet to receive a penny of the money they should have been refunded. Nearly 250 people lost their entire life savings as a result of a multimillion-pound pension scam perpetrated by convicted fraudsters. "Now that has been completely taken from me. Austin was part of TPRs investigation into the allegations but died in 2019, before it completed. The directors simply stole client money from their pension funds, sent it overseas before returning it into the Quintillion bank account and used the money to prop up the UK business and pay themselves large salaries. She hoped it would mean more security in her retirement. government's services and In a statement read in court, she said she apologised to victims and punished herself every single day for her part in the fraud. As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. Two fraudsters have been sentenced to prison for fleecing pension savers out of 14m after the brains behind the scam killed himself. But, six months later, Pauline was devastated to receive a letter explaining shed been the victim of a scam and had lost the 45,000 shed worked so hard to build. As part of its action to prevent further funds being removed from the pension schemes, TPR removed Barratt and Dalton from their positions as trustees in December 2014 replacing them with a firm of professional trustees. This enabled the conspirators to take control of the pension funds. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. He said: What is most striking is the impact on others, which has been utterly devastating. The trio persuaded 245 people to transfer savings into. "I did this to try and make my retirement easier, but I've been left high and dry," she said. During the scam, Dalton was a trustee for four fraudulent occupational pension schemes and duped 103 victims out of just over 5.9 million, taking around 126,000 for herself, the court heard. "When I think about it, I get panicky. We use necessary cookies to make our website work. 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Behind the Headlines: Why has provider service gone to pot? I was going to move to Spain. This website requires cookies. Pension Scammers Jailed: 2 Pension Fraudsters Jailed after 245m Scam Two Scammers have been imprisoned for participating a series of scams that have cost 245 individuals a large number of pounds in their superannuation savings. Money Marketing Events In most cases they didnt declare their conflict of interest, being directors of both companies, and didnt ask permission to transfer the money. Judge Gregory Perrins said the pair had caused "such misery" with victims developing mental health problems and some even attempting suicide. Southwark Crown Court heard how Susan Dalton, 66, and Alan Barratt, 62, conned 245 victims out of a total of 13.7 million between 2012 and 2014. At Southwark Crown Court on Friday, Barratt was jailed for five years and seven months while Dalton was jailed for four years and eight months. The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. Barratt received a sentence of five years and seven months while Dalton was sentenced to four years and eight months in prison. Both admitted one count of fraud by abuse of position, with Dalton jailed today for four years and eight months and Barratt five years and seven months. He said she had believed the schemes were legitimate and even convinced her own brother to part with 250,000. The regulator said the transferred funds had been dissipated by the defendants, with almost all of the savings lost. A judge was told how the cash bonuses, which victims were led to believe were part of a commission payment from the new schemes, were actually taken from their savings. Pension fraudsters jailed after 13m scamVisit The Post News for up-to-the-minute news breaking news video audio and feature stories. That is not a nice feeling to have," she said, urging others to be wary of similar offers. The judge heard Kent firefighter Glenn Perkins, who transferred 146,000 to the scammers in 2013, felt "worthless and useless" and now struggles with mental health problems. Related articles. I would like to pay tribute to the tenacity, expertise and professionalism of my staff that has resulted in these convictions.. A civil trial brought by TPR against Barratt, Dalton and others, took place at the High Court in 2018 after which Barratt was ordered to repay c.7.7m and Dalton c.5.9m. While she faces many more years working in the stressful surroundings of the NHS, she describes those behind the scam as "greedy" and hopes their conviction will be a deterrent to others. However, they are said to have passed most of the money to Austin, who used it to fund businesses, pay others involved in the con and enrich himself and his family. Pension scams ruin lives. Any rebate or bonus paid to victims was taken from their own pension savings, exposing them to punitive tax charges for early access to their pensions. Susan Dalton, 66, from Lancashire, and Alan Barratt, 62, from Essex, who helped con 245 . Zoouc9isy05yrm 1 day agoTwo pension fraudsters have been jailed for a combined total of more than 10 years for their roles in a scam that saw over 200 savers tricked into transferring 137m into fraudulent schemes . The Crown Prosecution Service However, the funds, most of which were transferred to offshore accounts, have never been recovered, the court was told. The customers were persuaded to sign application forms which had blank sections, later completed by Mark Kelly and Rikki Nicholls. Should big tech be able to read people's messages? The defendants, and other sales agents, told victims their existing pension arrangement was not giving a healthy return and transferring to a new scheme could increase their retirement savings. No: 12475190VAT registration number: 343486488. Interactive Investor personal [], Between graduating from university and securing a job which was aligned to the career I wanted (journalism), I worked in a stationery shop. *We hate spam as much as you do. In mitigation for Dalton, the court heard that she "turned a blind eye" to the fraud.