Steven Long, who lived in Stowmarket, Suffolk, was sentenced to eight years and four months in prison after £11.5 million was stolen from 115 victims through the collapsed wealth management business Universal.
The scheme, which came to light in 2018, targeted retired homeowners through marketing seminars promoting inheritance planning and trust fund management.
Steven Long has been jailed for eight years and four months (Image: Bedfordshire Police/PA)
Judge Gregory Perrins, sitting at Southwark Crown Court, said: “Your offending has taken a very heavy toll on the lives of so many and you should feel deeply ashamed.”
A total of £11,574,814 was defrauded by Long through Universal, with funds used to support his lifestyle and keep the business running.
The judge said: “You knew that you were using money held in trust for others so that you and your family could enjoy a lifestyle that is out of reach for most ordinary people.”
Victims described the long-lasting impact of the fraud in statements read to the court.
David Cunningham, who lost £140,000 of his late wife’s savings, said: “I feel ashamed, guilty about my incompetence, suspicious of people, unhappy, tense, saddened, nervous about making most decisions.
“I have completely failed my wife and children, which I cannot undo.”
Steven Long appearing in a promotional video (Image: Bedfordshire Police/PA)
Co-defendant Raymond Simpson, a “respected” independent financial adviser living in Portugal, was absent from court and has had a warrant issued for his arrest.
He was sentenced in his absence to five and a half years in prison.
Simpson was convicted of two counts of fraud by abuse of position, covering offences between January 2014 and April 2018.
Long admitted two counts of fraud by abuse of position, covering offences between July 2008 and April 2018.
Simpson had not formally worked at Universal but was described as the “primary mover in the deals”.