The UK Financial Conduct Authority secured guilty pleas from two former employees of financial advice firms after four clients lost GBP 2 million. Kerry Nelson, director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, and Jacqueline Stephens, the firms’ business operations manager, admitted defrauding clients between January 2019 and January 2023 and using false documents. Nelson also admitted a money laundering offense involving money withdrawn from the firms and used to fund her lifestyle. Both firms were FCA authorized but were not permitted to hold or control client money. Nelson and Stephens will be sentenced at Portsmouth Crown Court on Dec. 10, 2026, and the FCA will pursue confiscation proceedings to recover any financial benefit Nelson obtained from her criminal conduct.
UK Financial Conduct Authority secures fraud guilty pleas over GBP 2 million in client losses
The UK Financial Conduct Authority secured guilty pleas from two former financial advice firm employees after four clients lost GBP 2 million through fraud. Sentencing is scheduled for Dec. 10, 2026, and the FCA will seek to confiscate any financial benefit obtained by Kerry Nelson.