Justice for victims of multimillion pound investment fraud

A fraudster from Suffolk has been convicted of duping more than £11million from victims which had been intended for retirement plans and elderly care. 

Steven Long deceived investors across the country by promoting trust funds and estates planning, which he claimed would protect their savings and enable them to safely pass on homes and assets to loved ones.

Between 2008 and 2018, Long spearheaded several business streams under the banner of Universal Wealth Preservation (UWP) and its associated companies.

He advertised services by posting marketing materials through the front doors of residential areas throughout vast areas of England, including in Kent, Essex, Bedfordshire, Hertfordshire and beyond.  

Unsuspecting clients were encouraged to attend slick presentations and seminars which Long hosted at several hotels.

False claims funds were ring-fenced

Thousands of UWP clients organised trusts, wills and entered into Lasting Power of Attorney agreements, often to benefit their relatives in the future.

Victims, many of whom were elderly and vulnerable, were promised generous returns on their investments, assured these would be placed into ‘ring-fenced, risk-free, long-term trusts.’

Instead, they were left suffering devastating and catastrophic losses, as Long sought to fund high-risk, overseas investments without their consent.

As Long’s business model became financially unsustainable, clients were denied access to their investments.

In some cases, funds set aside to pay for elderly care home fees were lost, and several victims learned they had been defrauded out of hundreds of thousands of pounds. 

Significant sums of invested money were used to fund extravagant personal expenses of Long, and those closest to him, as well as to pay staff salaries.

He also directed payments from clients’ funding to separate business interests.

Long was arrested in April 2018 by Suffolk Police, and shortly after a lengthy and complex investigation was led by the Eastern Region Special Operations Unit (ERSOU).

Detectives went on to provide irrefutable evidence that Long had directly caused financial losses to 115 victims, amounting to £11,577,762.

On Wednesday (4 March), Long, 59, of Mead Drive, Kesgrave appeared before Southwark Crown Court and pleaded guilty to two counts of fraud by abuse of trust, spanning a period of 10 years. 

He was remanded in custody pending sentencing at the same court, on a date to be confirmed.

Leading the investigation was Detective Constable Lisa Hunt, of ERSOU’s Serious Economic Crime Team, who said:

“Steven Long presented himself as the consummate professional, seemingly backed by accreditation for practitioners in the trust and estate sector. He targeted victims who placed their full trust in him — many of them elderly, vulnerable, or planning carefully for their families’ futures. "Long callously exploited that trust for his own gain, leaving victims and their loved ones facing devastating financial and emotional consequences. Some lost the security they had spent a lifetime building, with money set aside for retirement or essential care simply wiped out. “This investigation has taken many years of meticulous work, and today’s conviction reflects the seriousness of Long’s actions and the profound harm he caused to so many people.”