The Financial Conduct Authority (FCA) has started criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery and money laundering linked to Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited. The FCA alleges the pair defrauded four clients between January 2019 and January 2023, causing losses of £2m, and used false documents in the process. Ms Nelson, a director of both firms, also faces a further money laundering charge relating to money allegedly withdrawn from the firms, with the FCA alleging the transferred funds were used to fund her extravagant lifestyle. The defendants appeared at Portsmouth Magistrates’ Court on 28 February 2025, where Ms Nelson pleaded not guilty and Ms Stephens gave no indication of plea; both were released on conditional bail. The FCA noted the case took 24 months from opening to criminal charges, compared with an average of 42 months for cases closed in 2023/24. The matter has been sent to Portsmouth Crown Court, with the next court appearance listed for 31 March 2025.
Financial Conduct Authority 2025-12-05
Financial Conduct Authority starts criminal proceedings against Kerry Nelson and Jacqueline Stephens over alleged £2m client fraud and money laundering
The Financial Conduct Authority (FCA) has initiated criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery, and money laundering involving Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, resulting in £2m in client losses. Ms. Nelson, a director of both firms, faces additional charges related to funds allegedly used for personal expenses. The case, which progressed to charges in 24 months, will proceed to Portsmouth Crown Court on 31 March 2025.