Charity fraudster to pay back £250,000
11 Sep 2020
A CEO who swindled a charity’s pension scheme out of more than £250,000 has been ordered to pay back the money following legal action by The Pensions Regulator (TPR)
11 Sep 2020
Patrick McLarry, from Bere Alston, Devon, defrauded the pension scheme of Yateley Industries for the Disabled, a charity dedicated to supporting vulnerable adults.
He spent the cash on a home and a warehouse in the south of France, a house in Hartley Wintney, Hampshire, and to repay a debt he owed over the purchase of a pub lease in Portsmouth.
McLarry, who was CEO of the charity and a director of VerdePlanet Ltd, the corporate trustee of the charity’s pension scheme, was handed a five-year jail sentence at Winchester Crown Court in February.
TPR has now used the Proceeds of Crime Act 2002 (POCA) to secure a confiscation order against the former charity chief.
McLarry has been ordered to pay £286,852 to the Yateley Industries for the Disabled Pension Scheme, to compensate members for the sums he stole adjusted to account for inflation.
The amount must be paid in full within three months, or McLarry faces serving an additional three-year prison term and he will still be required to pay the money back to the scheme.
He was also ordered to pay £71,477 to cover TPR’s legal costs.
Erica Carroll, TPR’s director of enforcement, 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.’