The UK Financial Conduct Authority (FCA) has launched criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery, and money laundering.

Kerry Nelson was director of both Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM). Jacqueline Stephens was business operations manager at the same firms.

Ms Nelson and Ms Stephens have been charged with allegedly defrauding four clients between January 2019 and January 2023, who lost £2 million. They are also charged with using false documents in the process of committing the alleged fraud.

Ms Nelson has also been charged with a further money laundering offence, after money was allegedly withdrawn from the firms.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 Ms Nelson were used to fund her extravagant lifestyle.

Ms Nelson and Ms Stephens appeared before Portsmouth Magistrates’ Court on 28 February 2025. Ms Nelson has pleaded not guilty to all offences and Ms 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.

Nexus IFA and Nexus IM were authorised by the FCA with permissions which allowed Nexus IFA to provide investment, mortgage and pension advice and Nexus IM to provide a Discretionary Fund Management service to its clients. Neither firm were permitted to hold or control client money. These permissions ran from 15 November 2012 and 14 April 2014 respectively until 25 January 2023 when the FCA imposed restrictions on those permissions which stopped both firms from carrying on regulated activity and prevented them from reducing the value of the assets they held.