Pensions - Articles - Details of fraudsters despicable theft from disabled charity


The full story of a former charity boss who stole from a disabled charity’s pension scheme to fund his own lifestyle has been published today by The Pensions Regulator (TPR).

 The regulatory intervention report (RIR) shows how Patrick McLarry, the chief executive of Yateley Industries for the Disabled, used pension scheme funds to buy properties in the UK and France and invest in an antiques business owned by his wife.

 On 10 February 2020, McLarry, 72, from Bere Alston, Devon, was sentenced to five years in prison and disqualified from being a company director for eight years.

 TPR then began confiscation proceedings under the Proceeds of Crime Act 2002 to recover the money he had misappropriated in the fraud.

 On 4 September 2020, he was ordered to pay £286,852 back to the scheme, to compensate members for the sums he stole, adjusted to account for inflation.

 In February 2021, he was stripped of his MBE after TPR gave evidence to the Honours Committee.

 Nicola Parish, TPR’s Executive Director of Frontline Regulation, said: “Today’s report is a lesson to all would-be pension fraudsters. TPR is at the ready to use our powers to bring criminals like Patrick McLarry to justice and, where possible, return scheme members’ stolen savings. TPR, working with colleagues from other regulators and law enforcement agencies, will pursue criminals who exploit others’ hard-earned savings for their personal gain.

 “Whistleblowers were pivotal to the success of this case. We remind trustees, advisers and scheme members who have suspicions or concerns about the way their workplace pension is being run that they can contact us via the whistleblowing form on our website.”
  

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.