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 individuals by promising to secure their savings against inheritance tax and care home fees.
Long's accomplice, Raymond Simpson, 79, has evaded sentencing and is reportedly hiding in a luxury villa in Miranda do Corvo, Portugal. British authorities are pursuing extradition for Simpson, who was convicted in his absence and sentenced to five and a half years for fraud.
Judge Gregory Perrins described the pair's actions as driven by "greed" to maintain lavishly fund their lifestyles. He noted Simpson's efforts to avoid the British courts, stating, "He has done all he can to remain beyond the reach of the British courts and will no doubt continue to do so with the utmost of his ability."
The fraud, which spanned from 2008 to 2017, involved the pair defrauding victims of tens of thousands, and in some cases hundreds of thousands, of pounds. Long utilized his company, Universal Wealth Management, and hosted seminars at expensive hotels to attract victims. He would then visit them at their homes, often exploiting recent bereavements to build trust before tricking them into handing over money for fraudulent investments.
Victims shared harrowing accounts of their losses. Deborah Wildish lost £84,000, stating the financial loss was too much to bear, especially given Long's knowledge of her parents' illnesses and vulnerabilities. Another victim, Andryene Sinclair, whose mother has dementia, expressed the deep emotional pain and betrayal her mother suffered, noting the stolen money represented a lifetime of hard work.
David Cunningham lost his late wife's entire savings of £140,000, expressing feelings of shame, guilt, and failure. "I feel ashamed, guilty about my incompetence, suspicious of people, unhappy, tense, saddened, nervous about making most decisions," he stated. "I have completely failed my wife and children, which I cannot undo."
Long used the defrauded funds to purchase a villa in Javea, Spain, for his former wife, pay her tax bill, and buy her a Range Rover. He also made a £3 million bid for Coton House, a historic former royal retreat, while renting two mansions. He also took expensive holidays, with bills exceeding £100,000.
Simpson, meanwhile, reportedly purchased his Portuguese villa, named 'Casa Simpson,' using his wife's inheritance and the sale of his house in Durham. The court heard he had also invested in Spanish land developments that ultimately failed. Simpson refused to attend his trial, claiming a hip operation prevented him from traveling, but the judge concluded he was likely feigning illness to remain in Portugal.
Authorities are initiating a proceeds of crime hearing to attempt to recover the stolen funds. Long's sentence included fraud convictions, while Simpson was convicted in absentia.
