Pension fraudsters jailed for £14m pension scam
Two fraudsters were jailed today for a £14million pension scam which saw almost 250 people lose their life savings.
Southwark Crown Court heard how Susan Dalton, 66, and Alan Barratt, 62, conned 245 victims out of a total of £13.7 million between 2012 and 2014.
Both admitted one count of fraud by abuse of position, with Dalton jailed today for four years and eight months and Barratt five years and seven months.
The court was told the scam's "mastermind" David Austin killed himself in 2019 after being invited for a police interview under caution.
The average amount each person lost was £55,000, with others losing many times that amount.
The duo were based in Spain and gave savers unrealistic returns, cash bonuses
John Lewis vouchers before getting them to transfer their pensions from legitimate schemes to fraudulent ones.
The court also heard how during the scam, Dalton was a trustee for four fraudulent occupational pension schemes and duped 103 victims out of a total of just over £5.9 million, taking around £126,000 for herself.
Furthermore, Barratt was a trustee for seven schemes and sucked in 139 victims and over £7.7 million of their savings, personally profiting around £343,000, the judge was told.
The funds, much of which were transferred to offshore accounts, have never been recovered.