Three “ruthless and dishonest” men who used thousands of pounds from their victims’ pension savings to fund extravagant lifestyles have been jailed.

Martin Kelly and Ryan Allen, from Tunbridge Wells, and Simon Hooper, of Cheltenham, were imprisoned for a combined total of more than 15 years.

They were sentenced today (Friday) at Wood Green Crown Court, in London, after being found guilty of conspiracy to commit fraud and fraudulent trading following a complex four-month trial in May.

The North West Regional Organised Crime Unit (NWROCU) launched an investigation in 2019 and its officers carried out inquiries on a company called Rationale Asset Management PLC (RAM).

It discovered 50-year-old Hooper and Kelly, who is 61, had created fraudulent investment schemes and persuaded their victims to send monies to them.

The pair employed their associate Allen, 46, who used his status as an independent financial advisor to professionally enable the transfer.

As soon as the cash was received, the largest share of the money was wired directly to the fraudsters so they could line their pockets and fuel their extravagant lifestyles.

DI Adam Williams from the NWROCU’s Economic Crime Unit said: “This is a despicable case which highlights the devastating impact investment frauds have on their victims.

“These ruthless and dishonest men controlled a criminal enterprise that manipulated savers into moving their hard-earned pension pots to fraudulent schemes under their control.

“More than £170,000 was taken from the victims and diverted elsewhere, where it was used to pay off debt and profit themselves.

"By proactively pursuing Hooper, Kelly and RAM PLC we identified a prospective £2 million fraud.

“Tackling it at an early stage has prevented further victims in a far-reaching scheme that posed a huge risk to the public.

“They knowingly lied and took money for their own selfish gain, using the funds to pay for their own lavish lifestyles.”

“By working with partners, including the Insolvency Service and Companies House, we have closed RAM PLC and brought these offenders to Justice.

"Both Hooper and Kelly have received Director Disqualification Orders for seven years."

Hooper was jailed for six years, Kelly received five years and Allen four-and-a-half years.

Jonathan Kelleher, specialist prosecutor for the CPS, added: “This was a sophisticated and professional fraud which has had a detrimental impact, emotionally and financially, on the victims who were targeted and tricked into investing in a worthless company.

“The defendants were all regulated people who placed a veil of legitimacy around their criminal behaviour to manipulate victims into trusting them with their hard-earned pensions and savings.

“They knowingly lied and took money for their own selfish gain, using the funds to pay for their own lavish lifestyles.

“The CPS works closely with police to bring fraudulent offenders like these to justice and we will now be pursuing all three defendants to strip them of their ill-gotten gains.”