Financial Crime World

Title: Bermuda’s Courts to Decide Fate of Retired Accountant’s Pension in Embezzlement Case

Background

In 2011, Jeffrey Bevan, a Welsh accountant then aged 55, moved to Bermuda for an £80,000 annual position. However, during his employment, Bevan manipulated the government payment system to make fraudulent transfers totaling nearly £2 million into his personal bank account. The funds were used for luxury cars, properties, and settling debts.

Bevan was sentenced to seven years and four months in jail in 2018 for embezzling £1.7 million from the Bermudian government. He served half of his sentence and is now pending a hearing on 3 February 2023 concerning his pension.

The Role of the Pension in the Case

During the initial Proceeds of Crime Act (POCA) hearing, the financial investigator did not include Bevan’s pension as an “available asset” in the confiscation process since he was below the pension age at the time. If Bevan had drawn his pension then, it could have been worth approximately £18,800.

Use of Stolen Funds

The stolen funds were used to purchase two Mercedes Benz cars worth £30,000, properties in Newport, Glasgow, Swansea, and Nottingham, and pay off a £140,000 mortgage.

During the 2018 trial, Bevan claimed innocence but later changed his plea and admitted three counts of transferring criminal property and ten counts of converting criminal property. In addition, Bevan was handed an 18-month prison term in November 2021 for stealing £50,000 from his own mother.

The outcome of this hearing could significantly impact Bevan’s future financial stability due to the pension being a substantial portion of his post-incarceration savings. Stay tuned for more updates on this developing story.

  • Pending hearing on 3 February 2023 to discuss the confiscation of Bevan’s pension
  • Previously served half of a seven-year-and-four-month sentence for embezzling £1.7 million from the Bermudian government
  • Handed an 18-month prison term in November 2021 for stealing £50,000 from his mother

Use of Stolen Funds

  • £2 million embezzled from Bermudian government
  • Two Mercedes Benz cars worth £30,000
  • Properties in Newport, Glasgow, Swansea, and Nottingham
  • £140,000 mortgage paid off