Two from Nexus advice firms plead guilty to fraud after clients lose £2m
A short item on an FCA criminal prosecution reaching guilty pleas. Two senior figures at two authorised advice firms have admitted defrauding four clients of £2m over four years, using false documents. The segment covers what was admitted, the firms' permissions, the FCA's intervention timeline and the confiscation action now coming.
- Nelson and Stephens pleaded guilty on 12 October 2026 to defrauding four clients of £2m between January 2019 and January 2023 using false documents.
- Nelson, the firms' director, also admitted a money laundering offence under the Proceeds of Crime Act; the FCA will seek confiscation.
- The FCA restricted both Nexus firms from regulated activity on 25 January 2023; the High Court placed them into administration on 26 January 2023.