Roger William Bessent was a trustee and administrator for the Focusplay Retirement Benefit Scheme but transferred savers’ money into struggling and new businesses he part owned and which were run by himself, his family and a client.
He now faces further court action to make him repay the cash.
Sentencing Mr Bessent, 66, at Preston Crown Court today to 40 months in prison, His Honour Judge Nicholas Barker said the crook’s “selfish and greedy acts” targeted “ordinary, hard-working people” who had trusted him to invest their money to provide for their retirement.
He said: “The system relies on trust. It’s that trust you breached. You used their money as your own.
“You knew what you were doing was dishonest and wrong.”
The conman had pleaded guilty to multiple counts of fraud, making prohibited employer–related investments (ERI) and acting as a director while disqualified.
The convictions followed investigations by both The Pensions Regulator (TPR) and the Insolvency Service during which the agencies shared information to identify the offences being committed by Mr Bessent, whose business is based at Navigation Business Village, Navigation Way, Ashton on Ribble, Preston.
It is the first time a prosecution by TPR has led to an immediate custodial sentence.
The court set a date of 5 July for a further hearing when a confiscation order will be sought to force Mr Bessent, from Lancashire, to repay the money he took and which remains outstanding.
Nicola Parish, TPR’s executive director of frontline regulation, said: “By working with the Insolvency Service, we have brought Bessent to justice and will now go after the money he took from the pension scheme.
“This sentence shows how seriously the courts take the theft of people’s hard-earned savings.
“Trustees should be in no doubt that if they abuse their position like Bessent did they should be prepared to go to prison.”
John Fitzsimmons, chief investigator for the Insolvency Service, said: “When Roger Bessent signed his disqualification undertaking, he would have been fully aware he shouldn’t have been managing a company or that he risked going to jail.
“He clearly thought he could disregard his restrictions but thankfully his wrongdoings eventually caught up with him and has led to severe enforcement action. We welcome the court’s decision to jail him.
“Working in tandem with TPR, we will put a stop to those unscrupulous company directors who think they are above the law.”
Guy Opperman MP, Minister for Pensions and Financial Inclusion, said: “Fraudsters who abuse positions of trust to line their own pockets with other people’s hard-earned savings will feel the full force of the law.
“I welcome the sentence handed down by the courts today, and the regulator’s action in bringing this prosecution.
“We’re determined to protect everyone’s pensions which is why we’re introducing a new offence of wilful or reckless behaviour relating to a pension scheme, punishable by up to seven years in jail or unlimited fines.”
Judge Barker sentenced Mr Bessent to serve 35 months for the fraud offences and four months for the ERI offences, to be served concurrently.
He was also ordered to serve five months for the director disqualification offences.