LONDON: The UK’s Serious Fraud Office (SFO) has secured convictions against three former company directors over a £70 million investment fraud that targeted thousands of pension savers across the country.
Matthew Pickard, 56, Stephen Greenaway, 47, and Paul Laver, 47, all from Bournemouth, were found guilty at Southwark Crown Court of fraudulent trading. Sentencing is expected to take place in May.
An SFO investigation revealed that the trio defrauded approximately 3,000 UK investors over a seven-year period through Ethical Forestry Limited. Operating from a call centre in Bournemouth, company staff contacted members of the public offering pension reviews, using misleading business names such as Richmond Solutions and the Pension Report Service while concealing their true employer.
Victims were persuaded to transfer funds from legitimate pension schemes into a supposed ethical investment involving tree planting in Costa Rica. Although trees were planted, investigators found that no money was allocated for their maintenance or commercial harvesting, making it impossible for investors to receive the returns they were promised.
Instead, large portions of the funds were diverted to finance the defendants’ personal lifestyles. Greenaway purchased a £1.9 million property in Sandbanks, Poole, while Pickard acquired a £4.3 million home. The men also spent investor money on luxury vehicles, including high-end models from Ferrari, McLaren, Maserati, Audi and Porsche, as well as lavish holidays in destinations such as Italy, Mexico, France, the Maldives and Switzerland.
In addition, £2.77 million of investor funds were channelled into a tax avoidance scheme that benefited the directors personally.
Emma Luxton, Director of Operations at the SFO, said the defendants exploited public interest in ethical and environmentally friendly investments to steal life savings and pensions.
“This investigation uncovered a complex fraud scheme, and the strength of the evidence led to guilty pleas. These convictions represent a significant step towards justice and compensation for the 3,000 victims,” she said.
Solicitor General Ellie Reeves MP described the case as a stark reminder of the damage caused by investment fraud.
“Those who misuse the appeal of ethical investments to deceive savers are not only committing financial crime, but betraying the trust of people planning for their future,” she said, adding that the convictions send a clear message that authorities will pursue offenders regardless of the complexity of their schemes.SFO Wins Convictions in £70 Million ‘Green Investment’ Fraud Case
