The Financial Conduct Authority (FCA) has initiated criminal proceedings against Kerry Nelson and Jacqueline Stephens, alleging multiple offences of fraud, forgery, and money laundering linked to their roles at Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM).
Nelson, a former director of both firms, and Stephens, a business operations manager, are accused of defrauding four clients out of £2m between January 2019 and January 2023. The FCA has also charged them with using falsified documents as part of the alleged fraud.
Additionally, Nelson faces a separate money laundering charge, with the FCA alleging that funds withdrawn from the firms were used to support her extravagant lifestyle.
Both appeared at Portsmouth Magistrates’ Court on 28th February. Nelson pleaded not guilty to all charges, while Stephens did not indicate a plea. The case has been referred to Portsmouth Crown Court, with their next appearance scheduled for 31st March. They have been released on conditional bail.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “We allege that over a 4-year period Ms Nelson and Ms Stephens took advantage of their clients’ trust, forged documents and diverted millions. It is right that these matters are scrutinised by the court.”
The FCA stated that it took 24 months from opening the case to bringing criminal charges, compared to an average of 42 months for cases closed in 2023/24.
