Former South Yorkshire Police Sergeant and PC Wife’s Pensions Decimated in Tax Avoidance Scheme Orchestrated by Celebrity Wealth Adviser Tim Levy

In a shocking revelation, a former police sergeant, Simon Nokes, and his PC wife, Sonya, share their harrowing experience of losing their pensions after being enticed into a tax avoidance scheme.

The scheme, orchestrated by celebrity wealth adviser Tim Levy, targeted high-net-worth individuals, leaving the Nokes couple devastated.

Investment and Scheme Collapse:

Simon, 58, and Sonya, 53, invested their South Yorkshire Police pensions into a Limited Liability Partnership (LLP) set up by Tim Levy.

Unfortunately, the scheme collapsed, causing significant financial losses. Sonya invested £50,000, and Simon a staggering £500,000, resulting in the depletion of their pensions.

Financial Fallout and Unpaid Tax Demands:

As the scheme unraveled, the Nokes couple faced a demand for £285,000 in unpaid tax from HMRC just before Christmas, with the amount increasing monthly due to interest.

Despite receiving compensation of around £43,000 each from the Financial Conduct Authority for mis-selling, it barely covered Sonya’s investment and fell significantly short for Simon.

Greed and Naivety:

Simon candidly admits that greed and naivety played a role in their decision to invest in the scheme. Despite questioning its legitimacy, the allure of substantial returns proved too tempting.

Simon remains baffled by the complexities of the scheme, mirroring the challenges faced by other investors in similar film financing LLPs.

Rise and Fall of Elysian Fuels:

Elysian Fuels, part of a Bioethanol plant in Grimsby, attracted over £200 million in investments, primarily from Self-Invested Personal Pension (SIPP) contributions.

The scheme promised tax relief by encouraging investors to purchase shares, but it collapsed when the price of oil plummeted. Notable figures, including Rafael Benitez and Carlo Cudicini, suffered financial losses.

Emotional Toll and Relationship Strain:

The financial stress took a toll on the Nokes couple, leading them to briefly separate. Sonya acquired a separate home where she currently resides with her mother.

The couple, now back together, faces the prospect of selling assets, including Sonya’s house, to settle the substantial tax bill or risk bankruptcy.

Wider Impact and Warning:

Simon emphasizes that ordinary people, not just the super-rich, fell victim to such schemes.

The Elysian scheme bears similarities to film financing schemes that attracted celebrities but eventually faced scrutiny from HMRC.

Simon calls for awareness, highlighting the broader impact on unsuspecting individuals.

Legal Battles and Controversial Wealth Adviser:

Tim Levy, the mastermind behind the scheme, faced legal battles, including a £26.7 million lawsuit from administrators of another LLP, Cocoon Wealth.

The Levys settled out of court for £650,000. Tim Levy defends his role, attributing responsibility to independent financial advisors and suggesting inadequate understanding of clients’ circumstances.

Celebrity Lifestyle and Ongoing Ventures:

Despite legal challenges, the Levys showcase a glamorous lifestyle on social media, with Roxana Levy’s private Instagram and TikTok accounts providing glimpses into their enviable life.

Tim Levy, describing himself as a ‘serial entrepreneur,’ hints at an ongoing ‘top secret’ AI project.

Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn

Read Related News On TDPel Media

Advertisement
Advertisement: Download Vital Signs App (VS App)