Court tells fraudster to repay £290,000 in stolen pensions

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Court tells fraudster to repay £290,000 in stolen pensions

A court in England has ordered a former head of a charity to pay back almost £290,000 in stolen funds from the organisation's pension, plus 47,000 in legal costs.

The Pensions Regulator (TPR), who brought the legal action, said after the sentencing, "TPR will not flinch from using every weapon in our arsenal to tackle pension fraudsters and will continue to protect savers' retirements."

Patrick McLarry was CEO and chairman of the charity Yateley Industries for the Disabled and a director of VerdePlanet Limited.

TPR will not flinch from using every weapon in our arsenal to tackle pension fraudsters and will continue to protect savers' retirements."

Erica Carroll, director of enforcement at TPR, said: "McLarry abused his position to steal money from the scheme's members, money which was supposed to help pay for their retirement. Instead, he spent the money on himself."

Carroll added: "He received a lengthy jail sentence for his crime and quite rightly he must now return the money he stole back to the pension scheme for the benefit of its members. If he fails to hand over the cash, he will have to serve an extra three years in jail and still have to pay up."

McLarry was sentenced to serve five years in February this year. His jail term will be extended by three years should he fail to pay the sums owed within three months.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.