FCA charges duo with fraud
Kerry Nelson, former director of both Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM), has been charged alongside Jacqueline Stephens, who was the business operations manager at the same organisations.
The pair are accused of defrauding four clients between January 2019 and January 2023, resulting in losses of £2 million. They also face charges related to the use of falsified documents as part of the alleged fraud.
In addition, Ms Nelson has been charged with a separate money laundering offence, following claims that she withdrew funds from the organisations’ accounts.
Both Ms Nelson and Ms Stephens appeared before Portsmouth Magistrates’ Court on 28 February 2025. Ms Nelson pleaded not guilty to all charges, while Ms Stephens did not indicate a plea. The case has been referred to Portsmouth Crown Court, with their next hearing scheduled for 31 March 2025. In the meantime, both have been released on conditional bail.
Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, commented:
“We allege that over a four-year period, Ms Nelson and Ms Stephens abused their clients’ trust, forged documents, and misappropriated millions. It is only right that the courts examine these matters.”
The investigation, which took 24 months, was resolved significantly faster than the average of 42 months for cases closed in 2023/24. The FCA says this demonstrates its commitment to accelerating the pace of enforcement investigations.