FCA charges two individuals from advisory firm with multiple counts of fraud

The Financial Conduct Authority (FCA) has charged two individuals that worked for Nexus Independent Financial Advisers (IFA) and Nexus Investment Managers (IM) with multiple counts of fraud.

Criminal proceedings have been brought against Kerry Nelson, who was director of both firms, and Jacqueline Stephens, who was business operations manager, for alleged fraud, forgery, and money laundering.

Both individuals have been charged with allegedly defrauding four clients, who lost £2m, between January 2019 and January 2023.

The FCA alleged that they used false documents in the process of committing the alleged fraud.

Nelson was also charged with a further money laundering offence following an alleged withdrawal of money from the firms.

The FCA claimed that the funds were transferred from accounts by Nelson to fund her “extravagant lifestyle”.

Nelson and Stephens appeared at Portsmouth Magistrates’ Court on 28 February 2025, with Nelson pleading not guilty to all offences and Stephens giving no indication of plea at this time.

The case has been sent to Portsmouth Crown Court and their next appearance will be on 31 March 2025. Both individuals have been released on conditional bail.

Nexus IFA and Nexus IM were authorised by the FCA with permissions that allowed Nexus IFA to provide investment, mortgage and pension advice, and Nexus IM to provide a discretionary fund management service to its clients.

These permissions ran from 15 November 2012 and 14 April 2014 respectively until 25 January 2023, when the FCA imposed restrictions on those permissions that stopped both firms from carrying on regulated activity and prevented them from reducing the value of the assets they held.

On 26 January 2023, the High Court placed Nexus IFA and Nexus IM into administration and appointed Carl Faulds and Nicola Layland of Leonard Curtis as joint administrators.

Both firms were subsequently sold to Vintage Wealth Management Limited on 9 March 2023 following FCA consent.

“We allege that over a 4-year period, Ms Nelson and Ms Stephens took advantage of their clients’ trust, forged documents and diverted millions,” stated FCA joint executive director of enforcement and market oversight, Therese Chambers.

“It is right that these matters are scrutinised by the court.”



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