Fraudulent duo jailed after clients lost over £20 million from pension funds
22 July 2022
Mark Kelly and Rikki Nicholls have been sentenced to six years imprisonment for conspiracy to gain access to the pension funds of their victims and money laundering.
The duo set up a scheme named PCD Wealth and Pension Management in 2007, and convinced their victims to transfer their pensions to investment funds.
Their fraudulent activity included leaving parts of application forms blank so that they could complete them themselves.
Once they had control of the funds, they used them to invest in risky investments, and extracted around 10% of funds in unauthorised commission payments.
In total over £20 million of pension savings were lost, and victims lost up to £200,000 each.
Jane Mitchell of the Crown Prosecution Service (CPS) said:
“The harm caused by these fraudsters is immense, involving raids on the victims’ pension pots which wrecked their future livelihood and post-retirement plans. Many victims were left with no pensions and will have to work well beyond their retirement date to provide for themselves and their families."
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