Conman targeted the elderly to defraud them out of millions
Steven Long, the head of Universal Wealth Preservation, has been sentenced to over eight years in prison for defrauding 115 elderly victims out of millions of pounds. The scam involved convincing victims to sign over their homes under the guise of asset protection.
Why it matters
This case underscores the vulnerability of the elderly to sophisticated financial exploitation and the importance of due diligence in estate planning.
Image source, Contributed Image caption, Olive and Donald Matthews thought they were safeguarding their future by signing over their house to UWP in 2008
Eighty-year-old Donald Matthews thought he was safeguarding his family's future when he signed over his house in 2008 to a company he was assured would protect his assets.
But after his death in 2016, the company called Universal Wealth Preservation (UWP) sold his home in Suffolk for hundreds of thousands of pounds and Matthews' children saw none of the money.
Later it would be uncovered that the head of UWP, Steven Long, 59, from Kesgrave near Ipswich, had defrauded Matthews along with 114 other people using the same scam leading to a combined loss of more than £11m.
Donald's son, Paul Matthews, described Long's actions as "disgusting" as Long was sentenced to eight years and four months in prison at Southwark Crown Court on Friday.
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