Context
The FCA has issued a press release outlining that two people who worked at a financial advice firm have pleaded guilty to fraud, after four clients lost £2m.
Key points to note and next actions
- Kerry Nelson, director of Nexus Independent Financial Advisers Ltd and Nexus Investment Managers Limited, and Jacqueline Stephens, the firms’ business operations manager, admitted all charges brought by the FCA, at Southwark Crown Court.
- They admitted defrauding clients between January 2019 and January 2023 using false accounts as part of the fraud. Nelson also admitted a money laundering offence whereby money was withdrawn from the firms to fund her extravagant lifestyle.
- The FCA said this was a serious breach of trust, which caused significant losses to clients who were relying on them.
- The pair will be sentenced on 10 December 2026. The FCA is considering confiscation proceedings to deprive Nelson of any financial benefit from the criminal conduct.