The regulatory intervention report (RIR) shows how Patrick McLarry, the chief executive of Yateley Industries for the Disabled, used pension scheme funds to buy properties in the UK and France and invest in an antiques business owned by his wife.
On 10 February 2020, McLarry, 72, from Bere Alston, Devon, was sentenced to five years in prison and disqualified from being a company director for eight years.
TPR then began confiscation proceedings under the Proceeds of Crime Act 2002 to recover the money he had misappropriated in the fraud.
On 4 September 2020, he was ordered to pay £286,852 back to the scheme, to compensate members for the sums he stole, adjusted to account for inflation.
In February 2021, he was stripped of his MBE after TPR gave evidence to the Honours Committee.
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said: “Today’s report is a lesson to all would-be pension fraudsters. TPR is at the ready to use our powers to bring criminals like Patrick McLarry to justice and, where possible, return scheme members’ stolen savings. TPR, working with colleagues from other regulators and law enforcement agencies, will pursue criminals who exploit others’ hard-earned savings for their personal gain.
“Whistleblowers were pivotal to the success of this case. We remind trustees, advisers and scheme members who have suspicions or concerns about the way their workplace pension is being run that they can contact us via the whistleblowing form on our website.”
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