The Serious Fraud Office has charged six people in relation to a self invested personal pension scheme.
Between 2011 and 2014, over 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units sold by UK storage company Store First.
The Serious Fraud Office has today (July 25) charged multiple individuals with fraud related offences, following an investigation into the transfer of £75mn in pension funds into storage units based mainly in the North of England and Scotland.
Investors were promised a long-term leasehold on a unit and a return on their investment through renting the unit out.
However, the Serious Fraud Office alleges that misrepresentations were made in the marketing of the product, including that investors would receive a guaranteed return and that units were ready for people to rent.
It claims this included offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving money out of their pension.
Director Nick Ephgrave QPM, said: “Today’s charges are the culmination of a complex investigation by the SFO and represent an important step in pursuing justice for the many people who transferred their hard-earned pensions into this product.”
Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) were charged with conspiracy to defraud.
Stephen Michael Talbot was also charged with money laundering along with a sixth defendant.
Stephen Michael Talbot and Stuart Grehan were charged with Perjury Act offences.
They are expected to appear at Westminster Magistrates’ Court on August 21.
Toby Whittaker’s defence lawyer, Anthony Barnfather, confirmed his client denies any wrongdoing in relation to the ongoing proceedings and will fully contest the allegations made against him.
Whittaker said: “I am both shocked and saddened to find myself subject to these proceedings. I want to make it absolutely clear that I do not accept the allegations brought against me.
“While I am limited in what I can say due to the ongoing legal process, I have always believed in what we were trying to achieve, both for the investors and the business.”
He said he has “full confidence” in the British legal system and he will engage fully and transparently with the judicial process.
tara.o’connor@ft.com
No Comment! Be the first one.