Financial Adviser Swindled £11 Million From Pensioners Because He Was ‘Tired Of Being Poor’

A financial adviser has been found guilty of swindling £11 million from pensioners – explaining that he was ‘tired of being poor.’

Raymond Simpson, 78, from Gateshead, Tyne and Wear, worked with Steven Long of Universal Wealth Management to funnel the life savings of hundreds of elderly homeowners into high-risk, dodgy overseas investment schemes.

Victims believed their money was being placed in trusts to protect against inheritance tax and care home fees. Instead, funds were used for unapproved “private placement programs” in Hong Kong, Singapore and Miami, and for funding Simpson’s late-life crisis.

Simpson used the stolen funds to buy land in Spain for property developments and to fund golfing holidays in Florida. Alright for some!

He told his co-conspirator in texts that he was sick of being poor, while blowing the cash on personal luxuries.

The fraud was exposed when Universal Wealth Management went bust in 2018, revealing operating losses of nearly £6 million over six years.

Simpson fled to his luxury villa called Casa Simpson (lol) in Portugal and refused to attend the Southwark Crown Court trial, claiming medical issues (a minor hip operation).

Check out Casa Simpson below – dude was living the dream while it lasted…

The judge ruled Simpson was malingering and issued an arrest warrant, and in the end, he was convicted of fraud by abuse of position at Southwark Crown Court.

A sentencing date has not been publicly announced, but the judge confirmed he faces “years in prison”. Which I imagine is the opposite of how he expected to spend his twilight years.

From Casa Simpson to Casa Slammer – unlucky lad.

His co-conspirator, Steven Long, had already admitted to two counts of fraud earlier in 2026 before Simpson’s trial began. He is also awaiting sentencing.

For the man who was busted faking cancer by using an iPhone cable up his nose, click HERE. Seemed legit at the time.