Kevin Phelan on trial for pension fraud in Leeds

Kevin Phelan, a businessman from Northern Ireland, is currently on trial for pension fraud in Leeds. He has pleaded not guilty to charges related to a scheme that allegedly misled UK policyholders about their pensions. The trial began earlier this year and has so far included 25 days of evidence presented to a jury. It is expected to continue for several more weeks. Phelan is connected to an investigation by the Moriarty tribunal, which looked into financial dealings involving politicians. He did not testify during that inquiry. Phelan, along with four other defendants, is accused of making false claims to pension policyholders between January 2013 and December 2014. They allegedly convinced these individuals to transfer their pension funds into accounts related to their firms, including the Cornerstone Friendly Society. The prosecution claims they falsely stated that the money would be used for the benefit of the policyholders, when in fact it was appropriated for personal gain. The charges include a conspiracy to cheat, asserting that Phelan and his associates created a fraudulent pension liberation scheme. This type of scheme aims to give individuals early access to their pension funds. Testimony from pensions expert Tim Beck indicated that he and his company had interactions with Phelan and other defendants concerning this scheme. Beck recounted attending a meeting at a hotel in Manchester, where he saw Phelan with other defendants. Beck's company received commission payments tied to pension transfers to Cornerstone and handled invoices related to those transactions. The trial continues as the jury examines the evidence.