Best-In-Class Specialist FCA Investigation Defence Lawyers, London-based Bark & Co Solicitors, Appointed to Represent Defendants in Alleged Fraud & Forgery Prosecution

Operation Plains

Kerry Nelson served as director at both Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited. Jacqueline Stephens worked as the business operations manager for both firms.

Nelson and Stephens are accused of defrauding 4 clients, between January 2019 to January 2023. The victims lost PS2m. The two are also accused of using false documents to commit the alleged fraud.

Ms Nelson was also charged with another money laundering offense after money was allegedly taken from the firms. The FCA says that Ms Nelson used the money transferred from her accounts to fund an extravagant lifestyle.

Ms Nelson, and Ms Stephens were both in Portsmouth Magistrates’ Court 28 February 2025. Ms Nelson has not pleaded guilty to any of the offences, and Ms Stephens has yet to indicate a plea. Portsmouth Crown Court was notified of the case and they will appear at their next hearing on 31 March 2025. Both people have been released under conditional bail.

Therese chambers, the joint executive director for Enforcement and Market Oversight said:

We allege that, over a four-year period, Ms Nelson, and Ms Stephens, took advantage of the trust placed in them by their clients, falsified documents, and diverted millions. The court has a right to examine these matters.

The case was closed in 42 months, as opposed to the average 42 months of cases that were closed between 2023 and 2024. The FCA has improved the speed of its enforcement investigations.

More Background Information

1. Fraud committed by abuse of power is a crime under Sections 1 and 4 in the Fraud Act 2006
2. The Forgery and Counterfeiting Act of 1981 defines a false instrument as an offense.
3. The Proceeds of Crime Act, 2002, section 327(1) makes it an offense to convert or transfer criminal property.
4. Nexus IFA was authorised to offer investment, mortgage, and pension advice by the FCA. Nexus IM could provide a Discretionary Fund Management Service to its customers. The FCA did not allow either firm to control or hold client money. These permissions lasted from 15 November 2012 to 14 April 2014, respectively, until 25 January 2023. The FCA then imposed restrictions that prevented both firms from engaging in regulated activities and reducing the value they held.
5. The High Court appointed Carl Faulds of Leonard Curtis and Nicola Layland as joint administrators on 26 January 2023. The Administrators sold both firms to Vintage Wealth Management Limited in March 2023, following FCA approval.

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