The UK’s Financial Conduct Authority said on 28 February it has started criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery, and money laundering.
Nelson was director of both Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM). Stephens was business operations manager at the same firms.
Nelson and Stephens have been charged with allegedly defrauding four clients between January 2019 and January 2023, who lost £2m. They are also charged with using false documents in the process of committing the alleged fraud.
Nelson has also been charged with a further money laundering offence, after money was allegedly withdrawn from the firms. The FCA claims that the funds transferred from the accounts by Nelson were used to fund her extravagant lifestyle.
Nelson and Stephens appeared before Portsmouth Magistrates’ Court on 28 February 2025.
Nelson has pleaded not guilty to all offences and Stephens gave no indication of plea at this time. The matter was sent to Portsmouth Crown Court and their next appearance will be on 31 March 2025. Both individuals have been released on conditional bail.
Therese Chambers, joint executive director of Enforcement and Market Oversight, 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.”
This case took 24 months from opening to criminal charges, compared to an average of 42 months for cases closed in 2023/24.
