Two plead guilty after clients lose £2m in fraud case

Two people who worked at financial advice firms have pleaded guilty to fraud after 4 clients lost £2m. Kerry Nelson, the director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, and Jacqueline Stephens, the firms' business operations manager, admitted all charges brought by the FCA at Portsmouth Crown Court.They admitted defrauding clients between January 2019 and January 2023 and using false documents as part of the fraud. Nelson has also admitted a money laundering offence after money was withdrawn from the firms, which she used to fund her extravagant lifestyle.Therese Chambers, executive director of enforcement and market oversight at the FCA, said:'This was a serious breach of trust. Nelson and Stephens caused significant losses to clients who relied on them. We will continue to act where people exploit clients for their own gain.'Nelson and Stephens will be sentenced at Portsmouth Crown Court on 10 December 2026. The FCA will seek confiscation proceedings to deprive Kerry Nelson of any financial benefit from her criminal conduct.Notes to editorsThe FCA started criminal proceedings against Kerry Nelson and Jacqueline Stephens in February

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