A mis-sold pension compensation claim has seen a man sentenced for acquiring more than £300,000 fraudulently from his cricket friends’ pension funds. The man was a trusted treasurer fleeced some of his friends and left the club almost collapsed. The court had ordered the man to pay back the pension money. Gary Sams, a banker, fleeced his friends over £300,000 by making a false promise to invest the funds but ended up pretending to borrow some finances for eight years.
In the breach of his treasurer obligation, Sams pocketed nearly £80,000 from a well-known cricket club, Annfield Plain. The financial advisor was jailed for seven years for the crimes committed in Aug and the same suit wait for a “Proceeds of Crime Act” hearing in a Newcastle Crown Court. Sams, 52, was expected to appear through a video-link to incarceration, but the link failed to work due to technological issues. However, the judge proceeded to make a confiscation order even if he was not present.
According to the complainants, the banker had pocketed over £386,379 and his assets are worth £70,244 which will probably be disposed to pay back the cash. The highest percentage of the money he will have to pay comprises the pension finances, and the exact amount he will have to pay will depend on pension tax owed.
The remaining amount of funds includes a personalized registration plate estimated at nearly £900 and over £488 from an unspecified bank account. Jonathan Sandiford, the recorder, pointed out that the mis-sold pension compensation claim includes five counts of fraud that, so the banker sentenced by the trial jury.
He also admitted having defrauded over £79,000 from his former cricket club while working as the treasurer. Based on the “Proceeds of Crime Act,” he had directly benefited from the fraudulent dealings. The presiding judge pointed out that future court hearings will focus on the compensation issue. In 2014, a father of two was jailed for the same web of dishonesty and lies. Conversely, Sams continued to deny the accusations until the court implicated him for defrauding his closest friends.
The defendant later pleaded guilty during the trial for defrauding funds from his cricket club. Andrew Haslam, while ruling on the lawsuit on Aug said the banker, while serving as the treasurer of the cricket club, abused his responsibility and trust as a friend, and competent financial advisor to his friends defrauding them huge amounts of money for a sustained period. The claim documents informed the court that the banker was working at Lloyds Bank, as a financial advisor at the time he was committing the offense.
Sams was also a committed player before serving as the treasurer of his cricket club. Sams victim included colleague and four friends from the club. Ian West, representing the prosecutor that the first victim had lent the banker £18,000 but the offender went ahead to persuade him to invest it in shares offered by Lloyds Bank at the time he was asking for a payback. However,Sams decided to spend the cash at the expense of investing.
According to Mr. West, the offender transferred the cash from two accounts operated by the cricket club to his bank accounts. He later made cash withdraws severally, defrauded cash from ticket sales, and booked several bar takings. It will be surprising to see how the mis-sold pension compensation case unfolds in the coming days.