Kesgrave fraudster conned elderly people out of £11 million
The 59 year old tricked his victims into investing in fraudulent retirement plans and elderly care schemes
A fraudster from Suffolk has confessed to swindling over £11 million from victims by deceiving them into investing in fraudulent retirement plans and elderly care schemes.
Steven Long, a 59-year-old from Mead Drive, Kesgrave, misled investors nationwide with false promises of safeguarding their savings through trust funds and estate planning.
Between 2008 and 2018, Long operated several businesses under the umbrella of Universal Wealth Preservation (UWP), promoting his services across England, including areas in Kent, Essex, Bedfordshire, and Hertfordshire.
He persuaded clients to attend presentations at hotels, where he assured them their investments in ‘ring-fenced, risk-free’ trusts would yield generous returns.
However, these claims were false, and many elderly and vulnerable victims suffered substantial financial losses as their funds were used for high-risk, unauthorized overseas investments.
Long’s fraudulent practices left many unable to access their investments, including funds intended for care home fees.
Financial losses amounted to £11,577,762, with Long spending significant amounts on personal extravagances and other business interests.
In April 2018, Suffolk Police arrested Long, and a complex investigation led by the Eastern Region Special Operations Unit (ERSOU) ensued.
On 4th March, Long pleaded guilty to two counts of fraud by abuse of trust at Southwark Crown Court and remains in custody awaiting sentencing.
Detective Constable Lisa Hunt, who led the investigation, said, “Steven Long presented himself as the consummate professional, seemingly backed by accreditation for practitioners in the trust and estate sector. He targeted victims who placed their full trust in him — many of them elderly, vulnerable, or planning carefully for their families’ futures.
"Long callously exploited that trust for his own gain, leaving victims and their loved ones facing devastating financial and emotional consequences. Some lost the security they had spent a lifetime building, with money set aside for retirement or essential care simply wiped out.”
“This investigation has taken many years of meticulous work, and today’s conviction reflects the seriousness of Long’s actions and the profound harm he caused to so many people.”