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Elysian Fuels

Elysian Fuels

Marketed as a green energy investment scheme, Elysian Fuels was a pension liberation scam that left UK pension holders facing millions of pounds in HMRC tax charges.

A scheme only suited to experienced investors

Elysian Fuels was originally set up to construct and run a bioethanol plant in Grimsby, in the north of England. That plan changed, however, to the re-commissioning of an existing plant in America. 

Following an all too familiar pattern for these types of investment schemes, between 2012 and 2015 potential investors were targeted by an unregulated introducers. They were then persuaded to transfer their pensions into a Self-Invested Personal Pension (SIPP) with a minimum investment of £50,000.

The ploy worked and Elysian attracted an estimated £200 million of investors’ money, with £180 million coming from pension funds via SIPPs administered by James Hay, plus others including Rowanmoor. James Hay later confirmed their clients had invested at least £55 million into Elysian Fuels.

The funding was structured into different tranches. However, due to falling oil prices and the sale of the American plant in Virginia, the investments were declared as having zero value in 2015.

Not regulated by the FCA, it was an extremely high-risk scheme and therefore only suited to the most adventurous, and experienced, of investors. Instead, it was offered to ordinary men and women looking to make a little more money out of their moderate pension funds.

Unexpected tax charges

The scheme was originally set up by Future Capital Partners (FCP) –- an organisation behind some of the UK’s biggest film-scheme tax avoidance products. Tim Levy, found of FCP, admitted that in designing the investment, they never took external tax advice.

As a result, members were left facing up to £20 million in HMRC tax charges as a result of being lured to invest with the promise of accessing their pension pots before age 55. 

Sadly, victims of the scheme included pension holders who had been persuaded to move their funds into the TMW Pension Trust scam, again on the promise of highly appealing but ultimately unrealistic returns. Almost all of the £3.3 million invested in the fraudulent TMW pension scheme was placed with Castle Trust before being on-invested into Elysian.

If you lost money through investing in Elysian Fuels or a similar green energy investment scheme, you may be entitled to compensation. The team at Beat the Banks can assess you case and give you honest, trustworthy advice on your best course of action. Call us on 0800 193 1234 for a no-obligation chat with one of our advisors to find out how we can help you.

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