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.
Patrick McLarry of Bere Alston in Devon appeared in Salisbury Court today (4 September) seven months after he was sentenced to five years' jail over the fraud.
He transferred the £250,000 into personal accounts between March 2012 and February 2013 while he was also the director of VerdePlanet Limited, the corporate trustee of Yateley's pension scheme.
The Pensions Regulator (TPR) sought a confiscation order against McLarry under the Proceeds of Crime Act 2002 and McLarry will now be forced to pay a total of £286,852 to Yateley's pension scheme to account for the funds stolen, plus inflation.
The money - which McLarry spent on paying personal debt and on properties in Hampshire and France - must be repaid in three months.
A further three-year prison sentence will be handed down to McLarry should he fail to pay, said judge Recorder James Waddington QC.
McLarry will also be required to pay a further £71,477 to cover TPR's legal costs.
The regulator's director of enforcement Erica Carroll said: "McLarry abused his position to steal money from the scheme's members, money which was supposed to help pay for their retirement. Instead, he spent the money on himself.
"He received a lengthy jail sentence for his crime and quite rightly he must now return the money he stole back to the pension scheme for the benefit of its members. If he fails to hand over the cash, he will have to serve an extra three years in jail and still have to pay up.
"TPR will not flinch from using every weapon in our arsenal to tackle pension fraudsters and will continue to protect savers' retirements."
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