A dad-of-two who has been left £13,000 out of pocket after a failed property investment ‘scam’ has issued a warning to others. Jonathan Bradshaw had invested £37,691 in a self-invested personal pension (SIPP) in 2012.
This had been due to mature by 2017 with a promised annual return of 15 per cent, but the fund soon collapsed meaning administrators were called in, and the care home manager saw his pension pot disappear overnight. Now Mr Bradshaw has managed to claim back £40,225 in compensation, with £18,000 of that total going to the legal firm which fought his case.
The 49-year-old said: “This company must have raised £14 million through investors such as myself. There was no feedback during the five years I had invested in it. It all came to a head in 2017. I found out through an email that I had lost my pension and others did as well. People like me have been transferring pensions through bad advice. I got scammed out of my pension.
“The business model was that it would give you a return on the pension you invested. But it is like someone pick-pocketing you, I had nothing. They had nicked whatever I had worked for. You do these things in good faith and it was stolen.”
Mr Bradshaw instructed ourselves to act for him. The claim went through the Financial Service Compensation Scheme (FSCS).
Mr Bradshaw, from Cheadle, added: “In the end I have got about £24,000 back. It was a relief as well as a bittersweet pill. I was worried about the future. You can’t blame anyone else apart from yourself when you get scammed. You are kicking yourself and you are embarrassed about it.
“There are people out there looking to scam people. It’s due-diligence. If it’s too good to be true then it is. It will happen to a proportion of people. I was upset and angry.
“I’m glad I got something rather than nothing. In hindsight I wouldn’t have done it but these people are so clever and professional in their selling of an investment. They know how to get you to transfer your pension into something that’s high risk. If you are not financially astute they have got you. I don’t think I am a mug but they had me.”
Mis-selling manager Dave Mcculloch said: “When someone is given negligent advice it can have devastating effects. Mr Bradshaw had spent years building up his pension to then be advised to transfer it into an unsuitable, incredibly high risk portfolio which ultimately failed. It is unacceptable. He’d lost his entire pension.
“Myself and the team at High Street Solicitors were delighted to be able to help him and ensure he was awarded over £40,000 in compensation. Our goal is to help as many people as possible who find themselves in a similar position.”