Court ruled his £75k tax free pension payment must go towards his £5.8million confiscation order
A pension fraudster who was sentenced to three years in prison in 2010 after pleading guilty to eight counts of fraud has been ordered to pay back his own £75,000 tax free pension payment or face a 15-month prison sentence.
Former finance manager Paul William Patrick Wood, 56, who lived in Lower South Wraxhall but is now based in London, appeared at Swindon Crown Court on May 25, where he contested the application.
Wood committed fraud by switching money between different investment funds after monitoring the markets and then backdating the forms, a practice likened at the time to betting on a horse race he already knew had been won.
The South West Regional Organised Crime Unit (SW ROCU) knew Wood, who still owes money against a £5.8million confiscation order made in 2012, was eligible to access the £75k on his 55th birthday.
Despite him contesting the application, the Judge ordered him to pay the full amount within three months or return to prison for 15 months.
The SW ROCU’s Asset Confiscation and Enforcement Team (ACE Team) supervisor Paul Philips said: “This is a great example of how we will pursue convicted criminals for the money and assets they have made through crime until that confiscation order is fulfilled.
“Wood made millions through his frauds and, despite serving his sentence, we will continue to look for ways to recoup the £5.8m he made until it’s paid in full.”