Pension Liberation Fraud in UK. Edmonds Marshall McMahon is a unique firm of solicitors and barristers, and we are experts in conducting fraud prosecutions. We commonly advise on pension liberation fraud, which happens when fraudsters cold call victims and convince them to withdraw funds from their pension pot before retirement. The fraudsters then channel the funds into high-risk investments (often offshore), promising high returns – unfortunately, however, many victims lose their entire pension. We have significant experience in ensuring that victims of this kind of fraud are financially compensated and that defendants are denied the proceeds of their crime.
Pension liberation fraud is part of a wider crisis in the UK. In January 2021, the Royal United Services Institute (“RUSI”), a defence and security think tank, published a paper explaining that fraud in the UK has reached epidemic levels. According to this paper, fraud is the “volume crime of our time”. Notwithstanding increased media attention around the issue, the UK government’s fraud response continues to fail individuals and businesses. Budget cuts to the police and Crown Prosecution Service have limited the prioritisation of fraud, even as reports continue to rise. This state of affairs is at the heart of Edmond Marshall McMahon’s mission – as private prosecutors, we specialise in providing fraud victims with access to justice.
By way of background, although the majority of criminal prosecutions in England and Wales are conducted by public agencies, the right to pursue a private prosecution is expressly set out in statute. It is this power which Edmonds Marshall McMahon relies on in order to bring criminal proceedings on behalf of clients. We implement private prosecution strategies to ensure that those who engage in pension liberation fraud are held accountable, as well as achieving compensation for victims.
We understand that this kind of fraud may cause embarrassment to victims, leading them to batten down the hatches and not report crimes. Crucially, however, private prosecutions can have a significant deterrent effect on fraudsters who target pensioners, some of whom may be particularly trusting and vulnerable. Bringing a private prosecution sends a clear message to potential fraudsters – that individuals will take decisive action to route them out.
Whatever the fraud, please talk to us (free of charge) so we can advise you on what is possible. As specialist prosecutors, we have the knowledge and resources that could make the difference between your recovering some, or indeed all, of your money.