Men jailed for scamming victims out of their pensions

Three men who defrauded two victims out of their pensions have today been jailed.

Simon Hooper, 50, Martin Kelly, 61, and Ryan Allen, 46, were found guilty of fraud offences following a trial at Wood Green Crown Court. On 4 October 2024, they were sentenced to six years, five years and four and a half years imprisonment respectively.

Hooper and Kelly were also each disqualified from acting as a company director for seven years.

The Crown Prosecution Service (CPS) prosecuted the trio following an investigation by the North West Regional Organised Crime Unit.

Two victims were convinced to invest in Rationale Asset Management PLC (RAM PLC), a company founded and controlled by both Kelly and Hooper. Hooper and Kelly were based out of an office in Mayfair in London and portrayed RAM PLC as a real estate company which was dealing with millions of pounds. In reality, the company held no value, and its shares did not represent a proper investment.

With the assistance of Allen, who was an Independent Financial Advisor (IFA), the victims were encouraged to transfer their pensions to RAM PLC.

Once the victims’ pensions were transferred, the funds were dispersed almost immediately. Banking records revealed a mixture of payments, including payments to Hooper and Kelly personally or through corporate entities which they themselves were responsible for. Only a small proportion of the spending was on corporate expenditure, with the rest spent on lavish cars, payments to personal accounts or paying off finance.

Another victim was employed as a driver for Hooper. Hooper convinced the victim to purchase a luxury car in his name, claiming it would be adopted by RAM PLC a short time later. The victim was paid wages in RAM PLC shares which were worthless and was left with a huge outstanding debt regarding the car.

A fourth victim was persuaded to hand over £20,000 from her own savings to Hooper and Kelly to invest in their business, believing that they were successful entrepreneurs. The funds never appeared in RAM PLC’s banking records and there is no evidence of them ever being invested.

RAM PLC was a registered company, and all three defendants had worked in the financial sector and had been regulated at some point.

Jonathan Kelleher, Specialist Prosecutor for the CPS, said: “This was a sophisticated and professional fraud which has had a detrimental impact, emotionally and financially, on the victims who were targeted and tricked into investing in a worthless company. 

“The defendants were all regulated people who placed a veil of legitimacy around their criminal behaviour to manipulate victims into trusting them with their hard-earned pensions and savings. They knowingly lied and took money for their own selfish gain, using the funds to pay for their own lavish lifestyles.

“The CPS works closely with police to bring fraudulent offenders like these to justice and we will now be pursuing Hooper and Kelly to strip them of their ill-gotten gains.”

The CPS has specialist prosecutors working with law enforcement partners to prosecute pension fraud and diminish threats posed by scammers.

If you have been a victim of this type of fraud, report it to Action Fraud on 0300 123 2040 or by using their online reporting tool.