Tag: Sarah Duffell

  • Store First v Insolvency Service Battle

    Store First v Insolvency Service Battle

    Pension Life Blog - Store First v Insolvency Service - store first scam

    April 2019 sees the battle between Store First and the Insolvency Service.  On April 15th, the High Court proceedings will kick off.  As a result, the Store First v Insolvency Service will determine how many people will lose their pensions permanently.  Two sets of very expensive lawyers – DWF and Eversheds Sutherland – will battle it out to see if Store First can continue trading.  In the end, if the Insolvency Service wins the war, then both law firms and an insolvency practitioner will get rich.

    You can read the Insolvency Service’s witness statement here.

    As a result of the Insolvency Service winning, 1,200 pension scam victims will probably lose the majority of their investments in Store First.  In most insolvencies, there is little left after the various snouts in the insolvency trough have had their fill.  Investors will be lucky to get 10p in the pound.  If there’s an “R” in the month.  And if it is snowing.  And if Brexit has a “happy ever after” ending.

    The Insolvency Service says it is “in the public interest” to wind up Store First.   But are they right?  Isn’t winding up the company going to do even more unnecessary damage?

    One very important issue is that the Insolvency Service’s witness statement dated 27.5.2015 (by Leonard Fenton) is so full of inaccuracies, misunderstandings, incomplete facts and an obvious failure to understand how the scam worked – as to be utterly laughable.  The Insolvency Service and the High Court will rely heavily on this witness statement – and yet it has so many holes and errors that it is misleading, incomplete and meaningless.  I asked the Insolvency Service questions about the incorrect and incomplete statements and made numerous comments on the failings contained within the statement.  But the Insolvency Service did not even have the courtesy to reply or even acknowledge my contribution.  In my view, this is arrogance and incompetence in the extreme.

    This impending legal battle (which will cost the taxpayer £millions) is riddled with many more questions than answers.  Here are a couple of my questions:

    QUESTIONS RE STORE FIRST V INSOLVENCY SERVICE BATTLE

    • Why did HMRC and tPR register Capita Oak and Henley Retirement Benefits Scheme as pension schemes in the first place?
    • How many of the many scammers behind Capita Oak and Henley have been prosecuted?
    • Is there an explanation as to why Berkeley Burke and Carey Pensions are still trading?

    The reason for my questions is that both HMRC and tPR were negligent in registering the two occupational pension schemes.  This was because the schemes were obvious scams from the outset.  They both had non-existent sponsoring employers which had never traded or employed anybody.  And they weren’t even in the UK.

    HMRC was blind, stupid and lazy at the start – when these two schemes were registered by known scammers.  But several years later, HMRC woke up pretty smartly and sent out tax demands for the “loans” the victims received.  The Store First v Insolvency Service Battle is probably doomed to ignore HMRC’s negligence in causing this disaster in the first place.

    James Hay and Suffolk Life had been facilitating the Elysian Fuels investment scam at around the same time.  And this was with the considerable “help” of serial scammer Stephen Ward.  So, this was a prime time for scams and scammers.  However, both HMRC and tPR failed the public back then and have continued to do so ever since.

    In 2015, the Insolvency Service identified and interviewed most of the scammers behind the Store First pension scam.  In their witness statement dated 27th May 2015, Insolvency Service Investigator Leonard Fenton cited statements and evidence from all the key players.

    KEY PLAYERS IN THE STORE FIRST PENSION SCAM:

    1. Ben Fox
    2. Stuart Chapman-Clarke
    3. Michael Talbot
    4. Sarah Duffell
    5. Bill Perkins
    6. XXXX XXXX
    7. Alan Fowler
    8. Jason Holmes
    9. Karl Dunlop
    10. Christopher Payne
    11. Keith Ryder
    12. Craig Mason
    13. Patrick McCreesh (of Nunn McCreesh – along with Phillip Nunn)
    14. Tom Biggar
    15. Paul Cooper (Metis Law Solicitors)

    That is fifteen scammers who have never been prosecuted.  They have not only never been brought to justice, but many of them went on to operate further scams and ruin thousands more lives – destroying more £ millions of hard-earned pension funds.

    And what of Toby Whittaker’s Store First?  There is no question that store pods are not suitable investments for pension fund investments.  Car parking spaces are unsuitable for pensions as well.  There are, in fact, a long list of inappropriate investments for pensions – including anything high-risk, illiquid and expensive or commission-laden.

    TYPICAL INVESTMENTS USED BY SCAMMERS:

    All the above are routinely used and abused by pension scammers as “investments” for some dodgy scheme.  Invariably, the above investments come with pension liberation fraud and/or huge introduction commissions and hidden charges.  However, it is rarely the fault of the artist, wine maker, start-up entrepreneur, truffle farmer or property developer that the scammers profit so handsomely from abusing their products.

    Store First v Insolvency Service Battle

    I hope Store First defeats the Insolvency Service in the forthcoming battle in the High Court this month.  And I hope that the public and British government will finally get to see what embarrassingly inept, corrupt, lazy regulators and government agencies we have.  I will publish the Insolvency Service’s witness statement separately for anyone who wants to read the Full Monty.

    Let us not forget that the solicitors acting for the Insolvency Service – DWF LLP – also act for serial scammer Stephen Ward.  It was Ward who was responsible for the pension transfers which subsequently invested in Store First.  Had it not been for him, 1,200 victims’ pensions totaling £120 million wouldn’t now be at risk.  But, somehow, DWF LLP doesn’t think that is a conflict of interest?!?

    Let us be clear: if the Insolvency Service wins the court case, the investors will get nothing.  This will mean that, yet again, the victims will get punished.  If Store First wins, the investors will get at the very least half their money back.  If they are patient, they may even get it all back.

     

     

     

     

     

  • Unqualified pension scammers banned

    Unqualified pension scammers banned

    Unqualified Pension Scammers Banned

    Articles like New Model Adviser’s report on some of the scammers behind the Capita Oak/Henley/Store First scam getting banned always makes me smile. Knowing that a few pension scammers (four in this case), are being named and shamed – as well as banned from being directors – motivates me to share information about these evil scams with the public.Pension Life Blog - Unqualified pension scammers banned - 4 scammers banned - imperial trustee services - Transeuro Worldwide Holdings

    Directors handed 34-year ban for £57m cold call pension transfers

    Citywire stated:

    “An investigation led by the Insolvency Service revealed the directors were connected with Transeuro Worldwide Holdings, which helped fund two introducer firms Sycamore Crown and Jackson Francis. The firms were involved in the transfer of £57 million of pension savings.

    Sycamore Crown director Stuart Greehan agreed to a nine-year voluntary ban as a result of false and misleading statements to encourage investors to transfer their pensions.

    Karl Dunlop, director of Imperial Trustee Services, and Ian Dunsford, director of Omni Trustees, agreed to bans of nine and seven years, respectively, for failing to act in the best interests of members and ‘failing to ensure investments were adequately diverse’.

    While not a formally appointed director of Transeuro Worldwide Holdings, Mike Talbot (AKA Stephen Talbot) accepted a nine-year disqualification undertaking for failing to disclose what happened to the millions of pounds of pension assets.”

    BUT, IN ADDITION TO THESE EVIL SCAMMERS, THERE WERE OTHER PLAYERS IN THIS APPALLING TRAGEDY AND THEY WERE NOT MENTIONED.  SO HERE ARE THE OTHER PEOPLE WHO PLAYED LEADING PARTS IN THIS FOUL PLAY:

    Stephen Ward of Premier Pension Solutions SL and Premier Pension Transfers Ltd – he handled the transfer administration from the original (ceding) pension providers.  He was, apparently, paid £300 per Capita Oak transfer – and would have known that he was condemning each member to certain loss of his or her pension.

    XXXX XXXX of Nationwide Benefit Consultants, The Pension Reporter, Victory Asset Management and Tourbillon, was clearly the “controlling mind” behind Capita Oak.  He also ran the Thurlstone loan scheme which paid 5% in cash to the Capita Oak victims as a “bonus” or “thank you”.  HMRC is now taxing these payments at 55% as they qualify as unauthorised payments.  XXXX XXXX then went on to launch the successful Trafalgar Multi Asset Fund scam which saw over 400 victims lose their pensions to high-risk toxic loans to Dolphin Trust in an STM Fidecs Gibraltar QROPS.  XXXX – as with most pension scammers – subsequently ignores the plight of the victims when the schemes eventually and inevitably collapse.  XXXX is under investigation by the Serious Fraud Office and was also responsible for the Westminster pension scam.

    Mark Manley of Manleys Solicitors – acting for XXXX XXXX.

    Stuart Chapman-Clarke, Christopher Payne, Ben Fox, Bill Perkins, Alan Fowler, Karen Burton, Tom Biggar, Sarah Duffell, Jason Holmes, Metis Law Solicitors, Roger Chant, Brian Downs, Phillip Nunn and Patrick McCreesh all played further prominent roles in this series of scams and profited to a greater or lesser degree.

    Pension Life Blog - Unqualified pension scammers banned - 4 scammers banned - imperial trustee services - Transeuro Worldwide HoldingsIt is believed that cold calling techniques were used to lure unsuspecting victims into this series of unregulated investment scams. Victims’ pension savings were transferred into bogus occupational pension schemes whose trustees/administrators were Omni Trustees and Imperial Trustee Services.  The schemes were Henley Retirement Benefit Scheme (HRBS) and Capita Oak Pension Scheme (COPS).  But the scammers also used a variety of SIPPS which included Berkeley Burke, Careys Pensions, Rowanmoor, London and Colonial and Stadia Trustees.

    As is often the case in scams like these, the victims were lured in with promises of so-called guaranteed high returns by spivs masquerading as advisers, who were also unqualified and unregulated to give financial advice.

    The unqualified advisers were able to transfer millions of pounds’ worth of pension savings into these schemes which included investments in unregulated storage units and over £10 million into COPS (Capita Oak) and over £8 million into HRBS (Henley). The promised high returns were never paid to the investors – but handed over to the scammers instead. The pension funds are now suspended with the funds trapped in these illiquid investments.

    The company directors have received a total ban of 34 years collectively. Here at Pension Life we would have liked to have seen lifetime bans all round.

    The Serious Fraud Office (SFO) is now moving forward with their investigations against Omni and Imperial. They urge people who are members of HRBS (Henley) and COPS (Capita Oak) to contribute to criminal evidence against the scammers via a questionnaire.

    As always, the team at Pension Life urges pension holders to be wary of pension scammers. Never accept a cold call offer, be aware that scammers lurk everywhere and if it seems to good to be true it probably is!

    If in doubt just walk away!

  • CAPITA OAK – THE GINGER SCAMMER

    CAPITA OAK – THE GINGER SCAMMER

    In the Capita Oak pension scam, the “Ginger Scammer” – XXXX XXXX – is reported to have earned over £200k in transfer/administration fees alone. It is not known how much he earned in investment introduction commissions.

    The Ginger Scammer can afford to stump up some cash for the benefit of the victims of the Capita Oak and Henley Retirement Benefit Scams. Over a thousand victims are facing the partial or total loss of their pensions and are also now being pursued by HMRC for tax liabilities on the Thurlstone liberation “loans” operated by XXXX XXXX

    Here is the email sent to the lawyers acting for XXXX:

    Dear Dick

    I am setting out below the redacted tax appeal in respect of “Mr. X”.  He had the largest transfer in Capita Oak – and by definition the largest Thurlstone loan (operated by XXXX XXXX and Tom Biggar) and resulting tax demand.
    Mr. X’s case was the subject of a Pensions Ombudsman’s determination where Capita Oak was clearly stated to be a scam.   Undoubtedly the Ginger Scammer is familiar with the Ombudsman’s determination: https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-3590.pdf
    Further, I am sure you have seen the FCA sanction against IFA Popplewell:
    £128 million worth of pensions investments is an awfully big number and I am sure that after all the money your client earned out of these scams, he can come up with sufficient funds to place in a secure account for the benefit of the victims who are now being pursued by HMRC for tax on the Thurlstone “loans”.  Although it is a matter of public record that XXXX earned well in excess of £200k in transfer fees in Capita Oak alone, it is inevitable that he will also have received some introduction commissions.
    The Thurlstone loans were operated by XXXX XXXX and therefore he must take responsibility for the tax liabilities on behalf of the victims.  Can you please both get back to me by return.  Ignoring this situation and turning your back on the Capita Oak victims is not an option.
    Regards, Angie
    ——————————————————————————————————————————————————-
                                                                                                                                                  

    HMRC Specialist Personal Pension Schemes Services – Attn Lynn Faulkner                                            11 April 2017

    Fitz Roy House

    Castle Meadow Road

    Nottingham NG2 1BD,

    United Kingdom

    Dear Ms Faulkner

    Ref: Mr. X: UTR: 9227156060 – Amount of Assessment: £31,473.89


    Please accept this as the appeal and request for     postponement of the tax sought by HMRC on behalf of the above-named taxpayer in respect of the protected assessment issued.  The grounds are as follows:
     

    1.       Capita Oak was registered by HMRC on 23.7.2012 (PSTR 00785484RM) by Stephen Ward of Premier Pension Transfers of 31 Memorial Road, Worsley and Premier Pension Solutions of Moraira, Spain.  

    2.       Capita Oak was also registered by the Pensions Regulator (PSR12006487) who had placed Ward’s Ark schemes in the hands of Dalriada Trustees – yet allowed him to register a further scheme with no regard to the risk that it might be a scam (as indeed it was).

    4.       This taxpayer – along with 300 other victims – was given the Thurlstone loan on the basis it was definitely not taxable by an individual who purported to be a financial adviser.  Had the victim known this would be treated as an unauthorised payment, he would not have gone ahead with the transfer. 

    5.       The Thurlstone loans were processed by two CII members practising as financial and tax advisors. They would have known there was a risk the loans would constitute unauthorised payments and result in tax assessments by HMRC.  

    6.       Once the transfer request had been signed by the victim, there was nothing further he could have done to influence any further transactions since these would have been outside of his control.  The trustees, Imperial, and the Thurlstone loan company were by now in total control of the transfer, investment and loan.  The victim had zero input or influence over what happened subsequent to the transfer being executed by the negligent ceding providers. 

    7.       There appears to be no evidence whatsoever that Capita Oak was set up for the purpose of providing an income in retirement for the members.  It must be questioned, therefore, whether it even constituted a pension scheme at all – save for the valid HMRC and tPR registration numbers.  As supported by the Insolvency Service’s witness statement, the following are compelling reasons why this was a bogus pension scheme from start to finish:

     ·         The trust deed was forged

    ·         The sponsoring employer – R. P. Medplant Ltd was stated to be in Cyprus

    ·         The sponsoring employer – R. P. Medplant Ltd did not exist – although there was a company registered in Cyprus called R. P. Med Plant Ltd (which was also used for the subsequent Westminster scam).

    ·         The scheme was set up purely as the “super fund” of a bunch of known, serial scammers, to earn investment introduction commissions of 46% out of Store First’s store pods

    ·         The scheme’s own bank – Barclays – didn’t know it was a pension scheme – and when Barclays eventually realised this, they blocked the account

    ·         No arrangements were ever made to communicate with the members.  Once the various scammers in their respective roles had earned their fees and commissions, they all simply walked away and abandoned the scheme and the members

    ·         The transfer administration was carried out by Stephen Ward, Level 6 qualified CII and author of the Tolleys Pensions Taxation Manual.  After the disasters of both Ark and Evergreen, Ward would have known he was condemning all the victims – whether transferring from personal or occupational pensions – to certain financial ruin and potential unauthorised payment charges

    ·         The unauthorised payment charges arose from the Thurlstone loans and the tax should, therefore, be sought direct from the extremely wealthy scammers – not from the victims of the large-scale Capita Oak scam.

    Angela Brooks – Chairman, Pension Life Group Action