What did they recommend?
Universal Wealth often recommended to clients that they be appointed as the trustees of the assets placed into trust together with the clients, meaning that these assets were, in the case of money, transferred into the control of the Trustees. This led to the registration of the Longs as Trustees of the property and the registration of an equivalent charge at the land registry.
The company director, Steve Long, was sent to prison at the end of 2018 for breaching court orders and failing to provide bank statements and failing to disclose his assets worldwide.
During Court proceedings, barrister Oliver Hyam told the court: “Large sums of money…cannot be located by the settlors or beneficiaries of a number of trusts. Overall, around £25 million is thought to be missing.”