Pensions

Waltham Abbey man jailed for defrauding people of more than a million pounds



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A company director who defrauded hundreds of thousands of pounds from people who trusted him with their pension fund has been jailed.

Darren Say, 45, of Kestrel Road, Waltham Abbey invented a pension scheme in 2010 where he loaned money to investors for their self-invested pensions.

These loans, with tax relief, were invested within a property company that he was a director of.

Instead of growing these funds he took the money and spent it on his lifestyle.

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A jury at Chelmsford Crown Court heard that Say used money for his rent, shopping, credit card repayments and cash withdrawals.

During the scheme’s height there was more than ¬£1million in the fund, but by the time he was arrested in January 2016 there was no money left.

He had denied the charges and was on trial from June 12 until July 20 on charges of fraud by abuse of position and fraudulent trading.

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.

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“Now they are faced with that time being lost and having to look for alernative arrangements to provide for them in later life.

“Company directors have great responsiblity and should carry out their role with integrity and honesty.

“This case should enforce those responsibilities to other directors who might be tempted to act dishonestly.”

On Thursday (August 17) Say was sent to prison for eight years in total. He was given six years for fraud by abuse of position and two years for fraud trading to run concurrently.

Essex Police will now seek to recoup the cash Say took under the Proceeds of Crime Act legislation.

READ MORE: Police investigate Chelmsford man over charity fundraising fraud claims

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