A fraudster who took more than £11m from investment funds intended for elderly care and retirement has been put behind bars. Steven Long, 59, deceived more than 100 victims across the country, using some of the cash to bankroll a lavish lifestyle
He had promised to protect peoples’ homes, trust funds and life savings, before transferring vast sums for his own benefit and to prop up other business ventures. He orchestrated multiple businesses between 2008 and 2018 under the banner of Universal Wealth Preservation (UWP) and linked companies
He advertised his services by distributing leaflets door-to-door across areas, including Essex, Kent, Bedfordshire and Hertfordshire. Potential clients were invited to attend seminars and presentations hosted by Long at hotels nationwide
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Thousands of people signed up to UWP services, arranging trusts, wills, and Lasting Power of Attorney agreements, often as part of long-term planning for their relatives. The Regional Organised Crime Unit (ROCU) said many of the victims were elderly or vulnerable and were promised high-return investments placed into what were described as “ring fenced, risk-free, long-term trusts”
Instead, victims suffered devastating financial losses after Long diverted their money into high-risk overseas investments without their consent. As his business model collapsed, clients were blocked from accessing their own funds
In several cases, money set aside for care home fees disappeared, with some investors losing hundreds of thousands of pounds. Many victims faced financial ruin as Long was using their money to bankroll a lavish personal lifestyle
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It included timeshares and rentals of multiple properties, holidays in the USA and Dubai, and other expensive purchases. He also used his ill-gotten gains to financially support those close to him, pay staff salaries and fund unrelated business interests
Long was arrested by Suffolk Police in April 2018. A lengthy investigation uncovered clear evidence that he had directly caused losses totalling around £11.5m to 115 victims
Earlier this year Long, of Mead Drive in Kesgrave, admitted two counts of fraud by abuse of position over a 10-year period. Long’s business activities were assisted by Raymond Simpson, who also faced a charge of fraud by abuse of position
The 79-year-old was convicted in a trial in his absence after he refused to leave his home in Portugal, citing medical grounds. Long was subsequently jailed for eight years while Simpson, 79, was jailed for five years and four months
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Detective Chief Inspector Rob Burns said: “This was a cold-blooded betrayal of trust on an enormous scale, driven by Steven Long. He lured victims in with slick promises of financial security, then helped himself to money meant for retirement, care and family futures
“Others assisted along the way, but Long was the ringleader – calling the shots, pocketing the profits and leaving more than a hundred victims staring at financial ruin. His sentence reflects the enormous damage he caused and the greed at the heart of this fraud.”
