The Financial Conduct Authority (FCA) has started criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery, and money laundering.
Nelson was director of both Nexus Independent Financial Advisers (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM), while Stephens was business operations manager at the same firms.
The pair have been charged with allegedly defrauding four clients between January 2019 and January 2023, who lost £2m. They are also charged with using false documents in the process of committing the alleged fraud.
Nelson has also been charged with a further money laundering offence, after money was allegedly withdrawn from the firms. The FCA has claimed that the funds transferred from the accounts by Nelson were “used to fund her extravagant lifestyle”.
Appearing before Portsmouth Magistrates’ Court last week, Nelson pleaded not guilty to all offences while Stephens gave no indication of plea at this time. Both individuals were released on conditional bail and will appear at Portsmouth Crown Court on 31 March.
Joint executive director of enforcement and market oversight, Therese Chambers, said: “We allege that over a four-year period, Ms Nelson and Ms Stephens took advantage of their clients’ trust, forged documents and diverted millions. It is right that these matters are scrutinised by the court.”
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