Men jailed for taking £1million as part of pension fund fraud
Two men who tricked investors into transferring their pensions to a fake scheme before spending almost £1million of the funds have been jailed.
Anthony Locke, 33, and Ray King, 54, persuaded victims to transfer their existing pension policies to a fake pension scheme they had set up, Southwark Crown Court heard.
Locke and King told their victims if they swapped to their scheme, they would be able to access half of their pension fund early whilst the other half was invested.
Their scheme was said to be different to normal pension schemes in that members are not normally allowed to access the fund before the age of 55 without incurring significant tax bills.
Whilst Locke and King returned the 50% to their victims to give the impression of the scheme working, they did not invest the remaining 50% and instead spent it on themselves.
Locke was jailed for five years and disqualified from acting as a company director for seven years and King was jailed for three years and disqualified from acting as a company director for five years at Southwark Crown Court on Friday.
Nina Montalbano, of the CPS, said: “Locke and King targeted people in financial need and who had no savings other than their pensions on the promise that using half of their savings would help them through their financial difficulties.
“Instead of reinvesting the remaining half, they spent almost £1million on themselves. King received £80,000 whilst Locke took the majority of the £1 million spending around £230,000 just on luxury cars including a Lamborghini, Porsche 997, a vintage Aston Martin and an Audi R8.
“Evidence put forward by the CPS included elaborate fake documents created by the defendants which were used to persuade victims and companies to transfer the funds and saw the jury find the defendants guilty.”
Notes to editors
- Nina Montalbano is a lawyer in the CPS Specialist Fraud Division
- Anthony Locke (DOB 12/03/1985) was convicted of 18 counts of fraud and three counts of money laundering at Southwark Crown Court
- Ray King (DOB 10/02/1964) was convicted of 13 counts of fraud at Southwark Crown Court.