Pension Life Blog - Salmon Enterprises Scheme Pension Scam

Salmon Enterprises Pension Scam – how it all worked


James Lau, allegedly a financial adviser with Wightman Fletcher McCabe operating from an office in the Regus building, Great Pultney Street, Bank London. Lau explained the Salmon Enterprises pension scam to clients using a series of diagrams that members could release funds from a pension transfer and use them for any investment rather than be tied to investments chosen by the pension trustee/administrator.  He also explained that part of it could be taken out as a loan which he claimed was legal.  He also stated that HMRC was aware of this and accepted that it was not a tax avoidance scheme.

Members never received any loan agreement or pension statement from either James Lau or the trustees – Tudor Capital Management – despite repeated requests to both Lau and his assistant Victor Ray.  A number of members subsequently introduced the scheme to friends, family and associates.

The advantages stated by James Lau were that pension funds could be released legally and used for a person’s own use.  Members could invest it or receive as a non-repayable loan which was “legal and non-taxable as it was a commercial loan”. Lau also claimed the loan would have a nominal percentage each year to pay back which would be covered by the rest of the pension left (approx. 15% of the transfer) which would be invested. The returns it would make would cover the interest of the loan.  Lau made it clear this was not a tax avoidance scheme and complied with HMRC rules and that the loan could be extended.

Lau also claimed that the underlying assets of the scheme were “various, diverse, low-risk opportunities, including forex in his own company Goswell Square Capital – a venture with Omari Bowers and Andrew Skeene who have since been investigated and made bankrupt following the collapse of the FX venture.

James Lau claimed to be authorised by the FSA at the time with Wightman Fletcher McCable under the Clarkson Hill insurance group.

The trustees of the Salmon Enterprises pension scam – Tudor Capital Management – were the subject of a criminal investigation by the CPS, HMRC and the Pensions Regulator which was published on 8.4.2010 (prior to many of the transfers) and resulted in the trustees: Peter Spencer Bradley, Alison Bradley and Andrew Meeson, being jailed for tax fraud.  Tudor Capital Management had been the trustees for 25 schemes in total.


James Lau

Victor Ray

Peter Spencer Bradley

Alison Bradley

Andrew Meeson


Lau was the main promoter; Ray was the administrator; Bradley and Meeson (now in jail) were the trustees.


8 thoughts on “Salmon Enterprises Pension Scam – how it all worked”

  1. I was a victim of this setup and after eventually paying off HMRC (around 65% of the monies received, which were fully invested for retirement) and with substantial investment losses (my error) I was left with a substantial negative figure. This was all from a transferred pension from a company that I worked at for over 27 years. We lost our family home to pay the tax. I am now 58 and have almost no pension to speak of. James Lau should be put away for this. Mark Homer of Progressive Property introduced me to James Lau as I believe he did with many others and no doubt received commissions for doing so.

    1. Cliff, I’m so sorry to hear this. It’s beyond words that you naturally put your trust in someone who held himself out to be a professional advisor. We were also indirected scammed and, if you don’t mind, please do get in touch to let me know what happened in your case ([email protected]).

    1. Hi Christopher.
      Yes sadly, it is still ongoing. HMRC are still chasing victims of James Lau for tax penalties, of which my partner, Sue Reid is one.
      I have no idea how all this is going to be resolved.

      So, you speak in the past tense about your involvement. Did you manage to pay HMRC the tax you owed?

  2. Members could invest it or receive as a non-repayable loan which was “legal and non-taxable as it was a commercial loan”.

    What in the name of bejasus is a ‘non-repayable loan’? If it is not repayable it is not a loan. Surely?

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