Sipp con sees adviser jailed for six years

An IFA who used his clients' Sipp pension investments to fund his “lavish lifestyle” has been imprisoned for six years this week. Darren Say, an independent financial adviser of Waltham Abbey, Essex, launched a pension scheme in 2010 called Noisnep (pension spelt backwards). He promised clients it would yield huge returns, mostly from luxury resort development around the world. This week the 45-year-old was found guilty of fraud by abuse of position and fraudulent trading. A Darren T. Say is listed on the LinkedIn business directory service as owner and founder of Noisnep Limited and claims he is a “Multi Citywire & Money Marketing Advisor Awards Finalist.” His entry lists a number of companies he has been involved in, and disputes with some people and bodies. He claims to have been a former Scottish Equitable corporate pensions specialist from 2003 to 2007.Mr Say told investors, some of whom were his own employees, that their funds would be used to develop a luxury holiday resort in the Bahamas which would be worth in excess of £100 million when finished. Instead, Mr Say took the money for himself. This amounted to £1 million, made up of his clients' pension funds and tax breaks from HMRC.Chelmsford Crown Court heard that Mr Say used money for his rent, shopping, credit card repayments and cash withdrawals.Chelmsford Crown Court heard at one point there was more than £1 million in Mr Say's company accounts but when he was arrested in January 2016, all of the money had been spent. Christopher Tarrant, a prosecutor in the Specialist Fraud Division, said: "Say treated the money entrusted to him as his own and spent it on funding his lavish lifestyle including buying a plot of land to build his family home. He provided his clients with impressive looking figures which they could look forward to on retirement, despite knowing this would never happen."Say denied his guilt but the evidence presented by the CPS meant the jury were sure he had committed the frauds alleged and convicted him."Detective Inspector Lee Morton, of the Kent and Essex Serious Crime Directorate, said: “Darren Say used the mechanism of the pension scheme he developed as his personal cash cow; taking money he was responsible for to fund his lifestyle.“He has let down his clients, who were persuaded that his pension scheme would provide for them in retirement. Now they are faced with that time being lost and having to look for alternative arrangements to provide for them in later life.”The fraud was committed between January 2010 and January 2016. Essex Police will now seek to recoup the cash Say took under the Proceeds of Crime Act legislation.He received a six year prison sentence for fraud by abuse of position and two years for fraudulent trading to run concurrently. He was also disqualified from being a company director for eight years.

Sipp con sees adviser jailed for six years

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