A bogus financial adviser who fraudulently manipulated his ‘clients” pension funds to avoid paying tax of over £1.9 million was jailed last week at Hull Crown Court for three years.
Colin Pearson used the proceeds of the fraud to maintain a lavish lifestyle, driving expensive cars and owning luxury homes both in the UK and Cyprus including a villa on an exclusive golf resort.
Pearson, who previously worked for the Food Standards Agency and held a McDonalds franchise, claimed to be a financial adviser and persuaded his ‘clients’ to release over £3.4 million from their pension funds. Pearson completed UK pension transfer forms on behalf of his clients to falsely claim that the funds were going abroad to avoid paying tax due on the pension withdrawals.
He provided fake documentation to register two overseas pension schemes. He then submitted the fake documents using false names, addresses, references and signatures to ensure the pension funds were released without suspicion or delay, to bank accounts that he controlled. On occasions he even made telephone calls to the UK pension companies posing as the policy holder during one telephone call he attempted to disguise his voice with a Cypriot accent to give the impression that he was calling from overseas.
Pearson used articles from the internet to create a PowerPoint presentation to explain and sell the scheme to unsuspecting UK clients. He then took a cut of the funds before passing the balance onto the pensioners. In total Pearson persuaded over thirty UK pension holders to make unauthorised transfers of £3.4 million to avoid paying tax of £1.9 million.
Bob Gaiger, from HM Revenue & Customs, said: “Whilst Pearson was living a life most people could only dream of
