Nelson and Stephens counselors have accused a alleged fraud of 2 billion pounds

The authority of financial conduct has accused two persons associated with the financial advisers independent of Nexus with fraud, false and money laundering.

Kerry Nelson And Jacqueline Stephens were assumed to have fraudulent four customers, who lost 2 billion pounds, between January 2019 and January 2023.

They were also accused of using false documents in the process of committing alleged fraud.

The pair appeared in front of the Court of Magistrates in Portsmouth, on Friday, with Nelson, 52, pleading -guilty for all crimes and Stephens, 60, which does not offer any indication of plea.

Both were released on conditional bail and will appear later on March 31 at Portsmouth Crown Court.

Nelson was the director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, while Stephens was business operations manager at both companies.

Both companies were placed in the administration by the High Court in January 2023 and have since been sold to Vintage Wealth Management.

In addition to the above accusations, Nelson was accused of an additional crime after the money was withdrawn from companies.