The former trustee of a charity who defrauded a pension fund of £250,000 will appear in court today (4 September), one year after The Pensions Regulator (TPR) said it would seek a confiscation order for the funds’ return.
Patrick McLarry of Bere Alston in Devon was handed a five-year sentence over the fraud in February after his case was postponed for undisclosed legal reasons last December.
He admitted to the transfer of £250,000 from the pension scheme of Yateley Industries for the Disabled into a personal account in November 2019.
McLarry was the chief executive and chairman of Yateley at the time of committing the fraud - between March 2012 and February 2013. He was also the director of VerdePlanet Limited, the corporate trustee of the charity's pension scheme.
The confiscation hearing brought by TPR under the Proceeds of Crime Act 2002 to seek the return of the funds will take place at Salisbury Crown Court.
If a confiscation order is granted, TPR confirmed money recovered will be paid back into the Yateley Industries for the Disabled Limited Pension and Assurance Scheme, under the trusteeship of Dalriada Trustees.
McLarry and his wife - the former secretary of the charity board who TPR acquitted of four charges of money laundering in relation to the fraud - spent the money on paying off personal debt as well as purchasing homes in Hampshire and France.
The former trustee and chief executive officer of Yateley Industries for the Disabled has been ordered to pay back £250,000 he stole from the charity’s pension scheme.
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