Two brothers who ran a financial advice firm in Norwich have been sentenced to a total of 11 years in jail after defrauding more than 200 people out of almost £17m.
Alan and Russell Taylor, of Taylor and Taylor Associates, were sentenced to six and five years in prison respectively after pleading guilty to conspiracy to defraud.
The brothers were also directors and shareholders of investment manager Vantage Investment Group.
The Taylors fraudulently produced client records and misrepresented documents and persuaded their clients, who were often elderly and vulnerable, to sign them in order to gain access to their pension funds.
Without the clients’ knowledge they then transferred the money to Vantage and placed it in a high-risk finance scheme.
According to a statement from the Norfolk Constabulary, if the investments paid off the Taylors would take 20 per cent of the profits, but any losses were funded by the client.
Each client typically lost around half of their money.
The Pensions Regulator intelligence head Mike Broomfield says: “The Taylors are textbook examples of how fraudsters abuse the trust of their vulnerable victims. They have cost their victims a large chunk of their pensions, leaving hundreds of people with less secure retirements.”
Broomfield adds: “Regional organised crime units such as Eastern Region Special Operatons Unit, police forces, regulators and agencies work together to tackle pension scams, but we all need to do our bit to protect ourselves and the vulnerable in our community from fraudsters.”
In January Money Marketing revealed the Financial Services Compensation Scheme had already paid out £3.4m in compensation claims against Taylor and Taylor Associates.
A Proceeds of Crime Act confiscation order will be made against the Taylors at a later date.