Two brothers from Norfolk who ran a £17m scam, stripping elderly victims of their pensions between 2008 and 2015, have been jailed for a total of 11 years.
Financial advisors Russell and Alan Taylor ran Taylor and Taylor Associates in Hoveton.
They used the cash of more than 200 investors to fund their own lavish lifestyles, which included expensive cars, a private boat, hiring private jets, and spending hundreds of thousands of pounds on watches and jewellery.
Derek Secker was one one of almost 250 investors who lost significant sums of money because of Alan Taylor and his brother Russell's greed.
Derek, who's 85 and lives near Norwich, lost £100,000 from his pension fund.
Mr Secker said: "Their father would turn in his grave if he knew what his children had done.
"They had my complete trust and they let me and lots of other people down."
More than 20 years ago, Mr Secker and his late wife began investing with the Taylors' father Richard, a well respected and trusted figure.
The problems began when he handed over the reins to his two sons who then ran Taylor and Taylor Associates.
The brothers set up another company called Vantage Investment Group and without consulting them, transferred their clients' money from a safe investment into a high risk trade.
In 2015, several clients became concerned about the loss of their money and contacted Action Fraud, who passed the information to the police.
As soon as the scale of the fraud became apparent, the case was passed to the Eastern Region Special Operations unit.
On average, each client lost almost half of their total pension funds.
Many will never recover all their losses, despite the Financial Compensation Services Scheme paying up to £50,000 to each client.
The Taylors were subsequently arrested for fraud and pleaded guilty to conspiracy to defraud.
Today, Alan Taylor, 38, and Russell Taylor, 37, were sentenced to six and five years respectively at King’s Lynn Crown Court.
Mike Broomfield, Head of Intelligence at The Pensions Regulator, said: “The Taylors are textbook examples of how fraudsters abuse the trust of their vulnerable victims.
“They have cost their victims a large chunk of their pensions, leaving hundreds of people with less secure retirements.
Detective Chief Inspector Liz Fernandes, from ERSOU, said: “These heartless brothers cruelly took advantage of the trust their clients had in them by investing their money into a high-risk investment scheme akin to a roulette wheel.
“The victims had worked hard to accrue their pension funds and trusted the Taylors to make wise investment decisions for them. Instead they used the money for their own personal gain, frittering away their illicitly gained funds on items such as expensive cars and their own private boat bought by the business.
“Our officers have worked tirelessly for a number of years to bring these two individuals to justice so I’m delighted with the sentence handed out today as well as the substantial confiscation order which will see the brothers pay back their ill-gotten gains or face an even longer time in jail.
“This sentence can never make up for the heartache, anxiety, and trauma caused by the Taylors, but by stripping them of their liberty and lavish lifestyle, I hope we have brought some form of comfort and justice to the many victims.”
- For advice on how to avoid becoming a victim of a pension scam or to report a scam, visit www.fca.org.uk/ScamSmart