Pair jailed over the £22Million SIPP Pension Fraud!Go back
The 2 men named Rikki Nicholls and Mark Kelly who constructed SIPP Pension Fraud up the the cost of £22 Million Pounds have been jailed for a total of 6 years each!
The pair who were running an unregulated pension business which defrauded more than 250 clients were found guilty of conspiracy to commit fraud and transferring criminal property in April.
The company traded under the name of PCD Wealth & Pensions Management, which was created in 2007 to convince people to transfer their pensions even though PCD was never regulated to do any such business within the UK. However between August 2008 and May 2010, they transferred pensions to SIPP’s by a provider under the name of Hornbuckle Mitchell.
Nicholls and Kelly hired people to meet potential victims to complete paperwork authorising a pension transfer. Certain sections were left deliberately blank, allowing the pair to add in higher fees than had been agreed.
More than 250 victims came forward to give evidence against Nicholls and Kelly. Victims lost between £10,000 and £200,000 each from their pensions. An investigation into the pair’s assets will now take place to determine if any money can be returned to victims.
‘Many of the victims are vulnerable by age and financial position, and as a result of the actions of these men, they have been left in severe financial difficulties. Many must continue to work in order to fund their retirement, or retire with a lesser pension, or even without a pension. These man have caused so much distress and anxiety to them,’ said detective superintendent John Roch
‘I would like to applaud the victims for their help with this investigation and thank those who gave evidence in court.’
Nicholls and Kelly were banned by the FCA in 2016. Its predecessor the Financial Services Authority first flagged concerns about PCD to the Met in 2011.