The FCA has charged award-winning IFA Kerry Nelson and fellow director Jacqueline Stephens, who both worked for Nexus IFA, in connection with a £2m fraud.

The FCA today launched criminal proceedings against Ms Nelson and Ms Stephens for alleged fraud, forgery and money laundering.  

Ms Nelson, 52, was the director of Hants-based Nexus Independent Financial Advisers Limited (Nexus IFA) and DFM provider Nexus Investment Managers Limited (Nexus IM). Ms Stephens, 60, was business operations manager at the failed firms.  

Ms Nelson and Ms Stephens have been charged with allegedly defrauding four clients between January 2019 and January 2023 of £2m. They are also charged with using false documents in the process of committing the alleged fraud.  

Ms Nelson has also been charged with a further money laundering offence, after money was allegedly withdrawn from the firms.

The FCA alleges that the funds transferred from the accounts by Ms Nelson were used to fund an “extravagant lifestyle.”  

Ms Nelson and Ms Stephens appeared before Portsmouth Magistrates’ Court today (28 February).

Ms Nelson has pleaded not guilty to all offences and Ms Stephens has given no indication of plea at this time, the FCA said in a statement today.

The matter was sent to Portsmouth Crown Court and their next appearance will be due on 31 March. Both have been released on conditional bail. 

On 26 January 2023, the High Court placed Nexus IFA and Nexus IM into administration. Both firms were subsequently sold by the administrators to Vintage Wealth Management Limited on 9 March 2023 following FCA consent.