The Pensions Regulator (TPR) claims that Bessent, ACCA, used his position as director of pension scheme trustees Gleeson Bessent Trustees to transfer more than £200,000 to accounts controlled by him.
In what will be TPR’s first fraud prosecution, Bessent will face five counts of fraud by abuse of position, an offence under the Fraud Act 2006 that carries a maximum sentence of 10 years.
He will also face another five counts for making employer-related investments, an offence that carries a maximum sentence of two years.
He will appear in Preston Magistrates’ Court in January.
In August, Knightsbridge café owner Hashmuk Shah, who TPR had been investigating over staff pensions, admitted that he had been misleading the regulator.