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Two IFAs jailed for pension fraud

Two Midlands IFAs have been jailed for a total of five-and-a-half years after defrauding the Inland Revenue in a £4m pension liberation scam.

Stephen Russell, 60, and William Ferguson, 56, were found guilty at Oxford Crown Court of cheating the public revenue of £1m after transferring the occupational scheme rights of around 200 people into bogus pension schemes.

Russell and Ferguson deceived schemes into transferring pension benefits into a network of dormant companies with Pension Schemes Office approval. The two men provided false employment details on behalf of their clients to make the transfers into their fake schemes.

Russell, of Chapel Lane, Little Bourton, Banbury, was sentenced to four years in pri-son for the Revenue charges. He also received 20 months, to run concurrently, for offences under the Pensions Act 1995, including acting as a trustee when disqualified.

Ferguson, of Lillington Avenue, Leamington Spa, received an 18-month prison sentence for Revenue charges and eight months to run concurrently for two charges under the Pensions Act, including acting as a trustee while disqualified.

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