Three people have appeared in court over an alleged £13.7m pensions fraud which affected hundreds of savers.
The Pensions Regulator (TPR) said as many as 245 people were persuaded to transfer money into 11 pension schemes between 2012 and 2014.
At Westminster Magistrates' Court, Alan Barratt, from Althorne, Essex denied fraud and Susan Dalton, from Rochdale, Greater Manchester admitted the charge.
Julian Hanson, from Batley, West Yorkshire did not enter a plea.
TPR, which has brought the prosecution, claims the money was moved into schemes controlled by the defendants.
The charge of fraud by abuse of position admitted by 65-year-old Dalton stated she "dishonestly abused" her position, "intending thereby to cause loss to Abbey Mage Pension Scheme and others or to expose that person to a risk of loss".
Mr Barratt, 61, was extradited from Spain in March and pleaded not guilty to the same charge, which stated he "dishonestly abused" his position as a trustee between 20 November 2012 and 15 December 2014.
Mr Hanson, 56, gave no indication of plea to a charge of fraud by abuse of position that stated he "dishonestly abused" his position as a director for financial gain or expose another to a risk of loss between 15 July 2014 and 15 December 2014.
All three defendants were granted conditional bail and ordered to appear next at Southwark Crown Court on 11 May.