Eight people jailed for mis-selling asset protection trusts

Nick Palmer3

In Nottingham recently, Joseph Croft and seven others admitted fraudulent trading – they had employed salespeople to cold-call and sell trust products, despite a lack of legal expertise. Furthermore, their ‘head of legal’ had no legal qualifications and they broke the law, which protects individuals by preventing non-solicitors from preparing trusts.
Trusts serve many purposes. However, when setting up a trust, it is important that you consider all the implications, particularly the tax issues, and assess whether there are any alternative ways of achieving what you want. If you want more information about trusts, please speak to us.’

Nick Palmer is a lawyer at Barker Gotelee, Solicitors in Ipswich.

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