Pensioners conned out of their life savings by sham investment firm

A financial advisor had ‘no authority’ to splurge over £11m from the life savings of pensioners on Spanish land purchases and speculative trades, a court heard. Raymond Simpson, 78, and business partner Steve Long, 59, allegedly defrauded elderly homeowners who wanted to protect their properties and assets from care home fees and inheritance tax. Financial expert Paul Grainger told jurors at Southwark Crown Court how Simpson failed his ‘duty of care’ as an advisor. The witness said: ‘Mr Simpson had…