A financial adviser has been sentenced to eight years and four months in prison for defrauding more than 100 vulnerable pensioners out of £11.5 million. Steven Long, 59, preyed on the victims by promising to safeguard their savings against inheritance tax and care home fees, ultimately funding a lavish lifestyle.
Long's accomplice, Raymond Simpson, 79, has evaded sentencing and is reportedly living in a luxury villa in Miranda do Corvo, Portugal. British authorities are seeking his extradition.
During sentencing at Southwark Crown Court, Judge Gregory Perrins described the scheme, which ran from 2008, as driven by "greed." The pair are said to have spent millions on properties, holidays, cars, and a former royal retreat once used by King Edward VII.
Simpson was sentenced in his absence to five and a half years for two counts of fraud. The judge criticized Simpson's refusal to attend his trial and sentencing, stating he has "done all he can to remain beyond the reach of the British courts."
Long utilized his company, Universal Wealth Management, and hosted seminars at upscale hotels to attract victims. He would then visit them at their homes, sometimes shortly after the death of a family member, under the guise of offering condolences to solicit funds. These funds were then either spent by Long or placed in overseas investments.
Victims described the profound emotional and financial impact of the fraud. Deborah Wildish lost £84,000 and found it difficult to watch television programs featuring large cash prizes. Andryene Sinclair noted her mother, who has dementia, cannot comprehend the betrayal by someone she trusted, stating the stolen money represented a "lifetime of hard work, sacrifice and planning."
David Cunningham lost all £140,000 of his late wife's savings, expressing feelings of shame, guilt, and suspicion. He feels he failed his wife and children.
Long used some of the defrauded money to purchase a villa in Javea, Spain, for his former wife, pay her taxes, and buy her a Range Rover. He also made a £3 million bid for Coton House, a Grade II listed former royal retreat, and rented luxury mansions, including one formerly owned by footballer Kieron Dyer. He also incurred over £100,000 in bills during five-star holidays in Mexico.
Simpson purchased his Portuguese villa, named 'Casa Simpson,' with money from his wife's inheritance and the sale of his house in Durham. He also invested in land in Spain for property development, though this scheme ultimately failed.
A proceeds of crime hearing is scheduled for December 9 to begin efforts to recover the stolen funds. Simpson's villa, situated in the Serra da Lousã mountains, features a swimming pool and extensive gardens.