Two men charged as part of 'long running investigation' into Ipswich finance firm

It's after more than 100 allegations of fraud linked to Ipswich-based Universal Wealth Management

Universal's former offices were based at Dencora House in Ipswich
Author: Matt SoanesPublished 20th Oct 2023

Two men have been charged as part of what police call a 'long running' investigation into an Ipswich-based finance company.

It comes after officers at the Eastern Region Special Operations Unit (ERSOU), received more than 100 allegations of fraud linked to Universal Wealth Management.

The company employed around 100 people in Suffolk before its collapse in 2018. The alleged offences took place between 2008 and 2018.

One of the services the firm offered was an investment scheme, where people were invited to invest money into a trust in order to save on taxes and gain additional money for retirement.

However, £25m worth of client money later went missing.

Steven Long, 56, of Onehouse, Stowmarket, was charged with three counts of fraud by abuse of position, contrary to section 1-4 of the Fraud Act 2006.

Ray Simpson, 72, of Miranda Do Corvo, Portugal, was charged with one count of the same offence.

Both are due to appear before Westminster Magistrates’ Court on November 8.

First for all the latest news from across the UK every hour on Hits Radio on DAB, at hitsradio.co.uk and on the Rayo app.