Tag: Imperial Trustees

  • Pensions Regulator – Light Speed with Gleeson Bessent Trustees

    Pensions Regulator – Light Speed with Gleeson Bessent Trustees

    TPR launches first fraud prosecution

    I am not often left speechless, but in this case all I can say is:

    WOW!

    The Pensions Regulator announced on 11th December 2018 that it is to launch its first fraud case – against Roger Bessent of Gleeson Bessent Trustees in the matter of the Focusplay Retirement Benefit Scheme.

    The details are below, as reported by James Glover, Senior Media Officer of the Pensions Regulator.

    But I am puzzled – I met with tPR’s Andrew Warwick Thompson nearly four years ago.  We discussed various pension scams and fraudsters who were active at the time.  And the delightful Mr. WT told me to buzz off and wind my neck in.  He said that he and his lawyers – who sat either side of him (presumably to keep him from toppling over) had it all under control.  And they didn’t need any help.  Especially from me, thank you.

    At this meeting, we mainly discussed the Capita Oak pension scam – run by XXXX XXXX and administered by Stephen Ward.  And we also talked about the other scams run by the XXXX/Ward dream team at the same time: Westminster and Regent.  The trustee for Westminster was Thames Trustees.  And Roger Bessent was the director of Thames Trustee – and he took over from ME!

    The background to this was that XXXX XXXX had appointed a lady in Dubai, Maria Orolfo of Europe Emirates Group – run by Adrian Oton – as director of two trustee firms: Imperial Trustees and Thames Trustees.  These were the trustees for the Capita Oak and Westminster scams respectively.  Orolfo had realised with horror she was the trustee for these scams and resigned – leaving the pension scheme members exposed to the danger of unauthorised payment charges if there was no trustee.

    So I became a director of both companies – Imperial and Thames.  I was removed pretty quickly by the scammers to prevent me from obtaining evidence against them.  I was replaced by a butcher called Roger Chant in Imperial, and an accountant called Roger Bessant in Thames.  Hard to say which of them was worse, to be honest.

    Anyway, the Serious Fraud Office did – eventually – wake up and start to investigate XXXX XXXX and both schemes: Capita Oak and Westminster.  This was announced in May 2017.  And now, more than 18 months later, tPR announces it is going to investigate Roger Bessent.

    I am very glad that Tinky Winky and tPR don’t do much rushing around – the last thing we want to see is a load of dizzy Teletubbies!  I just hope the trail hasn’t gone too cold in the past four years.

    Issued: Tuesday 11 December 2018

    An accountant is to appear in court charged with fraud and making employer-related investments – the first time The Pensions Regulator (TPR) has prosecuted for these offences.Roger Bessent is accused of abusing his position as the director of Gleeson Bessent Trustees Ltd, a professional pension scheme trustee, to transfer more than £200,000 of pension scheme funds into his bank account and those of companies controlled by him.The funds were transferred from the Focusplay Retirement Benefit Scheme, the sponsoring employer of which was Gleeson Bessent (Accountants and Business Advisers) Ltd where Mr Bessent was a director.Mr Bessent, 66, whose business is based at Navigation Business Village, Navigation Way, Ashton on Ribble, Preston, Lancashire, faces five counts of fraud by abuse of position and five counts of making employer related investments.He has been summonsed to appear at Preston Magistrates’ Court on 30 January 2019.

     

    Editors’ notes

    1. Fraud by abuse of position is an offence under Section 1(2)(c) of the Fraud Act 2006. It carries a maximum sentence of 10 years’ imprisonment.
    2. Making a prohibited employer-related investment is an offence under Section 40(5) of the Pensions Act 1995. It carries a maximum sentence of two years’ imprisonment.
    3. TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).
     
  • CAPITA OAK PENSION SCAM AND THURLSTONE LOANS

    CAPITA OAK PENSION SCAM AND THURLSTONE LOANS

    Capita Oak – the perfect scam

    This is a letter I wrote to XXXX XXXX´s solicitor back in April 2017.  It was ignored.  Of course.

    Dear Thurlstone, (XXXX XXXX)

    I am now preparing the appeals for the Capita Oak victims against the tax assessments issued by HMRC in respect of the 5% Thurlstone “loans” which are being treated as unauthorised payments.  What I require is full disclosure as to the exact source of the funds for these payments.
    CAPITA OAK PENSION SCAM AND THURLSTONE LOANS
    HMRC Protected Assessment – tax demand for the Thurlstone loans
     
    My problem is that there is scant evidence along the audit trail to be able to prove exactly where the loans came from and I need to be able to establish that the money did not come from the pension funds – if possible.  Indeed, from the point of transfer, pretty much every penny is accounted for as the money passed through the various scammers’ hands from the ceding providers to Metis Law solicitors.  Along the way, some fees were paid out as summarised by the Insolvency Service:
     
     

    “£100,873 paid to Metis Law on behalf of Hawkshead Properties in lieu of fees due to NATIONWIDE BENEFIT CONSULTANTS                                                                        

    £86,632 paid to Alan Fowler 


    £83,485 Paid to WJP Admin and Copeland South for Bill Perkins

     

    £73,811 paid to KE Media Services Ltd for Jason Holmes                                                                                             

    No fee payments were made direct to NATIONWIDE BENEFIT CONSULTANTS but in addition to the payment made to Metis Law on behalf of Hawkshead Properties a payment of £100,558 was made from funds held by Metis Law to THURLSTONE on the instruction of Karl Dunlop who told me who the person was behind Thurlstone (XXXX XXXX) – the “Ginger Scammer”).”

     
    So, we know that the individual behind Thurlstone – XXXX XXXX – received £100,873 plus £100,558 i.e. £201,431 direct from the pension transfers via Hawkshead and Thurlstone.  But did he use any part of that money to pay the 5% loans to the victims?
     
     

    The £10.8 million worth of pension transfers is fully accounted for on its way from the victims’ original pensions through the hands of the scammers.  We now have hard evidence as to who was operating the Thurlstone loans – as had been stated by Karl Dunlop when interviewed by Len Fenton of the Insolvency Service.  So where did the loan money come from?

     

    It would be much appreciated if the operators of Thurlstone would provide this information as it is required for the tax appeals immediately, and will also be needed for the Tax Tribunals in due course.  As the individual behind Thurlstone also runs a company called Nationwide Tax Administration, I have no doubt he will appreciate the seriousness and urgency of this matter for which he is responsible:

    https://beta.companieshouse.gov.uk/officers/4fJ6N2QgENAewXq8q2BPVbH823s/appointments

     

    I have asked whether the individual behind Thurlstone (XXXX XXXX) could repay the £201,431 he received from the Capita Oak scam so that it can be used for the benefit of the victims.  Undoubtedly, this “gentleman” will appreciate the distress the 300 victims are experiencing now that on top of fearing the total loss of their pensions, they have just received tax demands from HMRC because of the Thurlstone loans.

     

    There isn’t time to tip-toe around this issue as we only have about three weeks left to appeal the tax assessments.  It would be really good to see some degree of honesty, honour and decency after all the nefarious conduct of the past four years in the Capita Oak matter.

  • Justice Morgan’s Mad Mistake: Donna-Marie Hughes and Royal London Mutual Insurance Society

    Justice Morgan’s Mad Mistake: Donna-Marie Hughes and Royal London Mutual Insurance Society

    JUSTICE MORGAN’S MAD MISTAKE

    (IN THE HIGH COURT OF JUSTICE, CHANCERY DIVISION)

    The law is an ass – especially when it fails to protect pension scam victims

    This judgement makes the law not just an ass, but a whole herd of donkeys.

    Dear Justice Morgan

    I refer to your judgment in the matter of Donna-Marie Hughes and Royal London Mutual Insurance Society Case Number CH/2015/0377 on 19th February 2016.  

     

     

    With absolutely no apology whatsoever, I must point out that your judgment – overturning the Pensions Ombudsman’s Determination in this matter – is so stark staring, raving mad that it verges on utterly bonkers.

    In a number of complaints, the Ombudsman has found that although the legislation is missing a few key words, it is clear that a person should only transfer into an occupational scheme if they are genuinely employed by the sponsor of the scheme.  The Ombudsman drew attention to the fact that the words “employed by the sponsor of the scheme” are, curiously, missing (obviously, whoever wrote that passage nipped out for a liquid lunch at the crucial moment).  But he used his common sense and pointed out that it would be a “very strange result” if a person wanted to transfer into an occupational scheme without any employment relationship or arrangement with the sponsor.

     

    It is my obligation to refer you to the fact that the industry, regulators, law enforcement agencies, courts, ombudsmen and victims (existing and future) desperately need the legislation to be tightened – not relaxed (or, as in this case, made completely impotent).  This judgment has effectively given the green light for hundreds of scammers to scam innocent victims out of their hard-earned pensions.

     

    History, since 2011, shows that various pension liberation scams including Ark (Lancaster, Portman, Cranbourne, Woodcroft, Tallton, Grosvenor) Capita Oak, Westminster, Evergreen, Salmon Enterprises, Eric’s Yard, Pennines, London Quantum, Headforte, Southlands etc., all share a collection of common traits:

     

    1. They were set up, administered and promoted by unregulated firms
    2. These firms obscure the identity of the team
    3. The address of the firm is a virtual office
    4. The assets of the scams being peddled include high risk, illiquid, speculative investments entirely unsuitable for pensions
    5. Bogus “occupational” schemes are registered with HMRC and tPR (who do nothing to check that the sponsoring employers actually trade or employ anybody – or indeed even exist at all)
    6. Pensions are liberated using a variety of “loan” structures which victims are assured are legitimate “loopholes”
    7. Transfer and loan fees are extortionately high
    8. Victims are promised unrealistic gains such as “guaranteed 8% return per annum”
    9. Assets are entirely unsuitable for pension schemes and often include huge “kickbacks” for the introducers

     

    The firms and individuals offering these schemes have included:

    • Premier Pension Solutions in Spain (run by Tolleys Pensions Taxation author Stephen Ward – available on Amazon if you need a copy: http://www.amazon.com/Tolleys-Pensions-Taxation-2014-2015-Stephen/dp/0754549356)
    • Gerard Associates http://www.gerardassociates.co.uk/
    • Frost Financial
    • Continental Wealth Management
    • J. P. Sterling
    • Viva Costa International
    • Windsor Pensions
    • Blu Debt Management
    • Wealth Masters
    • Paul Baxendale-Walker
    • James Lau

    Thousands of victims have lost £ billions and gained £ millions in tax liabilities.  The assets of these schemes have included offshore property, store pods, car parking spaces, unregulated collective investments, eucalyptus forests, hedge funds, forex, Cape Verde etc.

    Now, I am not saying that Bespoke Pension Services are scammers.  http://bit.ly/1VGeSPn but on the back of their victory in the case of Ms. Hughes, there are a further 160 blocked pension transfers sitting with the Pensions Ombudsman.  We have no way of knowing whether they will all be pension transfers invested in Cape Verde, but we do know the Hughes case must have been very important to Bespoke Pension Services’ business.  After all, they must have invested a considerable amount in legal fees to take an £8,000 transfer attempt to the High Court.

    Interestingly, Bespoke Pension Services are unregulated and their address is a virtual office.  According to their latest published accounts the firm is insolvent.  The two directors/shareholders – Mark Anthony Miserotti and Clive John Howells – have between them an impressive portfolio of investment, consultancy, property development, investment and financial planning companies – one of which is called “Fortaleza Investments” which suggests something Brazilian.

    On the back of your judgment in respect of Royal London, there will be a serious problem for all the pension providers who performed so appallingly in Ark, Capita Oak, Westminster, Evergreen et al: the worst of which being Standard Life, Prudential, Scottish Widows, Aviva and Legal and General.  Having handed over £ millions worth of pension funds since 2010 – in a lazy, negligent, box-ticking fashion – there is evidence that they are trying to mend their ways.  Or there had been, until your judgment in the Hughes/Royal London/Bespoke Pension Services case.

    I would draw your attention to Clause 53 in Justice Bean’s Ark ruling where he makes it clear that legislation wording must be interpreted intelligently – and not blindly.

    Justice Bean ruled on the ARK Pension Scam case

    He is obviously trying to make the point that it is essential to avoid an anomalous or unjust result from failing to look behind the intended meaning of wording.  Indeed, the Pensions Ombudsman had already done that when looking at the wording when he said that he found that a transferee did need to be employed by the sponsor of an occupational scheme in order to avoid a “strange result”.

    Your judgment has put at risk thousands of victims’ pensions.  There have already been suicides, nervous breakdowns, life-threatening illnesses, broken marriages and families.  There will be widespread poverty in retirement and many people will lose their homes.  A strange result indeed – which does rather beg the question of how victims will get any protection or justice now?

    This judgment makes the law not just an ass, but a whole herd of donkeys.

    Regards, Angie Brooks

     

  • CAPITA OAK UPDATE AND INFORMATION REQUIRED

    CAPITA OAK UPDATE AND INFORMATION REQUIRED

    Capita Oak Pension Scam

    For the benefit of all 300 odd members of Capita Oak, here is an email that was sent today to Downs & Co, the accountants acting on behalf of Christopher Payne, the director of the trustees Imperial. This email has been circulated to many Capita Oak members and other interested parties such as the police and the BBC who are preparing a documentary on the subject.

    Hopefully it will not be too late to blow the whistle on this situation and rescue the members’ funds: https://pension-life.com/#!whistle/c13e7

    Admittedly, the contents of this email raises more questions than it answers, but it does at least go some way to establishing how many members there are, how much in total was transferred and who the various parties were who received money from the transfers. What it does not yet establish is what the 10.14 million paid to Metis Law is now actually worth and how (or if) it can be recovered.
    Dear Mr. Downs (info@downsandco.co.uk)

    Referring to our earlier correspondence, will you kindly ask your client Mr. Christopher Payne the following questions:

    1. A total of 10,810,301.57 was transferred in to Capita Oak from approximately 300 members and a total of 10,666,066.14 was paid out. This should leave a balance of 144,235.43 and confirmation is required that this is indeed the amount remaining in cash.

    2. A total of 82,911.31 was paid out in “PCLS” payments and confirmation is required as to what these payments were and who authorised them.

    3. The following “PCLS” payments were made and confirmation is needed as to who these people were and why these payments were made, upon whose authority:

    -5,054.24 J Whyte
    -8,854.53 G Rose
    -21,875.72 W Daniels
    -5,758.99 Mr Clemson
    -5,286.32 Mr. Charlesworth
    -17,231.51 Pamela Holt
    -18,850.00 A Levitt

    4. A total of 441,751.85 was paid to TKE Admin (of which Mr. Payne was a director). This was paid to TKE on 27 different dates between 12.11.2012 and 5.7.2013. Please explain what these payments were for and who authorised them.

    5. Premier Pension Transfers were apparently handling the transfers but there is no record of any payment to them for their services. How were they remunerated and why were two administration companies involved and who appointed them?

    6. A total of 10,140,598.27 was remitted to Metis Law between 11.20.2012 and 7.5.2013. Confirmation is required that Capita Oak now holds 10,140,598.27 worth of assets and exactly what income these assets are supposed to generate and whether they are unencumbered. Further we need evidence of title to these assets and a full explanation as to who authorised 100% of Capita Oak’s assets to be placed in illiquid property with very little liquidity remaining for transfers out.
    7. An explanation as to how and by whom the Thurlestone “loans” were transacted, administered and recorded.

    There will of course be numerous further questions which your client Mr. Payne will be required to answer, including why he has not contacted me or answered my calls. As I am sure you appreciate, as former and current director of Imperial Trustees, Mr. Payne is liable for any risks to Capita Oak and responsible for the members’ interests, investments and any non-compliant transactions linked to the pension, such as the Thurlestone loans of 5% of the value of the transfers.
    In the case of Ark, professional independent trustees were appointed by the Pensions Regulator and the majority of the assets were eventually recovered. However, this is not the case for the Capita Oak victims – who are extremely distressed – and therefore we are all relying on the full cooperation and disclosure by you and your client Mr. Payne.

    Your early response will be much appreciated. As I am sure you will be fully aware, this situation is being closely monitored by the police and the BBC, as well as the members and if you or your client Mr. Payne are unable to answer any of the above questions you must refer me to any other connected party who is in a position to do so. You will see that this email is copied to the Police, Store First and Metis Law.

    Regards, Angela Brooks – Chairman, Ark Class Action