Prince Andrew pocketed pension scam funds, Eugenie got a slice too

Prince Andrew continues to face scrutiny over his finances, even as he steps back from royal duties. 

Reports reveal that the King’s brother received tens of thousands of pounds from a British businessman tied to a wealth management firm accused of defrauding pension savers.

New High Court documents reveal that Prince Andrew received £60,500 from British businessman Adrian Gleave in December 2019, just weeks after his infamous BBC Newsnight interview that precipitated his withdrawal from public life.

The payments emerged during a High Court case brought by Turkish millionaire, who claimed that money she had entrusted to the Duke and his ex-wife Sarah Ferguson had been misappropriated by a business adviser. 

Funds were routed through Alphabet Capital Limited, a British company owned by Gleave. 

An agreed statement of facts signed by the Duke and Duchess, Gleave, and Alphabet Capital noted that the company had “previously made, and might in the future make, substantial payments to HRH Prince Andrew, Duke of York.”

The timing of the payments is significant. They came months after he had stepped down as director of SVS Securities, a company ordered to cease trading by the Financial Conduct Authority (FCA) due to pension mis-selling allegations. 

SVS Securities collapsed in August 2019, just days after the FCA intervention, leaving clients with substantial losses from high risk bond investments and steep withdrawal fees, which had been designed to generate large commissions.

While three SVS directors were later banned and fined by the authority, Gleave was not among them. 

At the time of his dealings with Prince Andrew, he also ran several caravan and mobile home parks in Northern Ireland and England, some of which have since gone into administration. 

Ferguson received £50,000 from Alphabet Capital in February 2020, in addition to previous payments exceeding £200,000 for consultancy and ambassador roles with other companies. 

Andrew was separately given £750,000 directly by Ms Isbilen, which he has since repaid.

Smaller sums were also paid to the couple’s daughter, Princess Eugenie, including £10,000 from the company and £15,000 from Ms Isbilen’s adviser described by Eugenie as gifts from a “long-standing family friend,” intended to fund a surprise birthday party for her mother.