A fraudster from Suffolk has been convicted after deceiving more than 100 people out of more than £11 million.
Steven Long, 59, of Mead Drive, Kesgrave, ran a decade-long investment scam that promised to protect victims’ savings and help pass on homes and assets to loved ones.
Between 2008 and 2018, Mr Long led several businesses under the banner of Universal Wealth Preservation (UWP).
He promoted trust funds and estate planning services, claiming they would ring-fence money in “risk-free, long-term trusts.”
Instead, he used the funds to bankroll high-risk overseas investments and personal expenses.
Many victims were elderly and vulnerable.
Funds set aside for retirement and care home fees were lost, with several individuals defrauded of hundreds of thousands of pounds.
Mr Long was arrested in April 2018 by Suffolk Police, and shortly after a lengthy and complex investigation was led by the Eastern Region Special Operations Unit (ERSOU).
Irrefutable evidence showed that 115 victims suffered losses totalling £11,577,762.
Detective Constable Lisa Hunt, who led the investigation, said: "Steven Long presented himself as the consummate professional, seemingly backed by accreditation for practitioners in the trust and estate sector.
"He targeted victims who placed their full trust in him – many of them elderly, vulnerable, or planning carefully for their families’ futures.
"Long callously exploited that trust for his own gain, leaving victims and their loved ones facing devastating financial and emotional consequences.
"Some lost the security they had spent a lifetime building, with money set aside for retirement or essential care simply wiped out.
"This investigation has taken many years of meticulous work, and today’s conviction reflects the seriousness of Long’s actions and the profound harm he caused to so many people."
On Wednesday, March 4, Mr Long appeared at Southwark Crown Court and pleaded guilty to two counts of fraud by abuse of trust.
He was remanded in custody ahead of sentencing, with a date yet to be confirmed.
The fraud involved a wide-reaching scheme that affected individuals across the country.
Mr Long advertised UWP’s services through marketing materials delivered to homes in areas including Kent, Essex, Bedfordshire and Hertfordshire.
He encouraged potential clients to attend seminars hosted at hotels, where he outlined the supposed benefits of his schemes.
Thousands of those targeted went on to organise trusts, wills and enter into Lasting Power of Attorney agreements through UWP, believing their assets were protected.
As Long’s business model became financially unsustainable, clients were denied access to their investments.
Significant sums of invested money were used to fund extravagant personal expenses of Mr Long, as well as staff salaries.
He also directed payments from clients’ funding to separate business interests.
ERSOU’s Serious Economic Crime Team led the lengthy investigation.
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