A former IFA who pocketed clients’ Sipp money has been given a six-year jail sentence.
Darren Say, who ran advice firm Wealth Connection, was found guilty of fraud by abuse of position and of fraudulent trading after creating a pension scheme that loaned money to clients’ Sipps before investing funds in a property company where he also a director.
Chelmsford Crown Court was told that Say spent the money to fund his own rent, as well as paying off his credit cards, going shopping and withdrawing some as cash.
He was sentenced today, and also banned from company directorships for eight years.
Essex Police says it will now try and get back Say’s funds under the Proceeds of Crime Act.
Kent and Essex Serious Crime Directorate detective inspector Lee Morton says: “Darren Say used the mechanism of the pension scheme he developed as his personal cash cow; taking money he was responsible for to fund his lifestyle.
“He has let down his clients, who were persuaded that his pension scheme would provide for them in retirement. Now they are faced with that time being lost and having to look for alternative arrangements to provide for them in later life.”