Thursday 25 January 2018
Groundbreaking fraud decision: The Pensions Regulator v Payae & Ors
Judgment was handed down in the case of The Pensions Regulator v Payae & Ors on 23 January 2018 following a trial at the end of 2017. The Regulator obtained judgment for over £13.7m against the mastermind of a liberation fraud, together with others involved. The scam had had over 245 victims, who had been persuaded to transfer their retirement funds into scam schemes.
It is the first time that the Regulator has obtained an order under section 16 of the Pensions Act 2004, empowering the Regulator to apply to the Court to require individuals knowingly concerned in a misuse or misappropriation of scheme assets to make suitable redress.