Spotlight On … Clifford Knezovich – IFA

An investigation by The Pensions Regulator has for the first time resulted in an immediate custodial sentence for the perpetrator of professional pensions fraud, after William Bessent, an accountant who used his position as the trustee and administrator of a pension scheme to steal his clients’ savings, was sentenced to 40 months in prison. He pleaded guilty to multiple fraud charges, making prohibited employer-related investments, and separate charges of acting as a director while disqualified.

The landmark case, being heard at Preston Crown Court* will also hopefully result in the return of stolen funds. On July 5 the courts will seek to obtain a confiscation order in order to make Bessent repay the remainder of the money he owes; he has so far repaid £80,000 but owes a further £200,000.

Life is inherently risky: if we did not accept risks as an inevitable part of life, we would never leave our homes or attempt to alter or improve the circumstances which lie ahead. So, we must negotiate a certain amount of risk while avoiding the most obviously dangerous situations.

Investing for retirement in stocks, shares and other commodities is similar; we need to accept the risks. By making calculated decisions we can hopefully avoid making detrimental investment decisions.

Unfortunately, those who don’t know how to invest for retirement, or those who receive bad, fraudulent or unregulated retirement investing advice, may be tempted by the promise of so-called “guaranteed” returns or unrealistically high dividends only to find that they have sacrificed their life savings for fool’s gold.