Kerry Nelson and Jacqueline Stephens admitted fraud charges at Portsmouth Crown Court relating to four clients who lost a combined £2 million between January 2019 and January 2023.
Four clients lost £2 million over four years while two workers at a pair of linked financial advice firms used false documents to carry out the fraud, the Financial Conduct Authority has said. Kerry Nelson, director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, pleaded guilty to fraud-related charges and a separate money-laundering offence. Jacqueline Stephens, business operations manager at both firms, also pleaded guilty to fraud-related charges.
The FCA said Nelson used money withdrawn from the firms to fund an extravagant lifestyle, and has confirmed it will seek confiscation proceedings against her. Both defendants had originally been charged with fraud, forgery and money laundering after appearing at Portsmouth Magistrates’ Court on 28 February 2025, and were released on conditional bail before entering their guilty pleas at Portsmouth Crown Court.
The FCA described the conduct as a serious breach of trust and said it would continue taking action against people who exploit clients for personal gain.
Nexus Independent Financial Advisers Limited is listed on the Financial Services Register under reference number 584769, but is no longer authorised to carry out regulated activities — its authorisation ended on 17 July 2024. The FCA Register notes that eligible customers may be able to complain to the Financial Ombudsman Service or seek compensation through the Financial Services Compensation Scheme, subject to the relevant rules. No independently verified figure for funds already recovered was available at the time of publication.
Sentencing is listed for 10 December 2026 at Portsmouth Crown Court.
Key information
- Affected clients can contact the Financial Ombudsman Service or check eligibility for compensation through the Financial Services Compensation Scheme
- Nexus Independent Financial Advisers Limited is no longer authorised by the FCA; its authorisation ended 17 July 2024
- Sentencing is scheduled for 10 December 2026 at Portsmouth Crown Court
- FCA Register reference for Nexus Independent Financial Advisers Limited: 584769
Source: @TheFCA
Two financial advice firm workers plead guilty after four clients lose £2 million Quiz
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