Robert Newcombe and Penny Hall secure unanimous acquittal in complex pension investment fraud trial.

After a complex conspiracy to defraud trial lasting nearly 9 months, Robert Newcombe leading Penny Hall both of Dere Street Barristers, secured the unanimous acquittal of their businessman client. It is thought to be the longest trial to have taken place in the Crown Court at Newcastle upon Tyne.

The allegation revolved around an occupational pension scheme into which 64 investors had transferred their DB and DC schemes. Via a complex web of off-shore companies it was alleged by HMRC that so called “Pension Liberation” had taken place, with investors under the age of 55 becoming eligible for loans from third parties, said to be connected. Mr Newcombe’s client (formerly authorised by the FCA) had sought to establish his innocence right from his first police interview under caution in July 2018. The jury accepted his explanation that all aspects of his involvement had been supported by advice from a magic circle London law firm, together with his open-book approach to his defence.

9 defendants were prosecuted by the North East Regional Organised Crime Unit and the CPS, supported by expert witness evidence from pension trustees, HMRC, FCA and a police forensic accountant. Mr Newcombe challenged all aspects of the evidence, the scope of the alleged conspiracy and the indictment. The jury resoundingly rejected the Crown’s case against all of the co-defendants to the charge of conspiracy to defraud. The trial judge HHJ Bindloss paid tribute to the jury and to counsel in the case, praising the dedication and commitment of all involved during such a lengthy trial.

Mr Newcombe and Miss Hall were instructed by Fiona Donoghue of Swinburne, Snowball and Jackson, Solicitors, Consett, County Durham.