Three Bournemouth Directors Convicted of Fraudulent Trading in £70 Million Investment Scam
Matthew Pickard, 56, Stephen Greenaway, 47, and Paul Laver, 47, have been found guilty of fraudulent trading at Southwark Crown Court, based on an investigation by the Serious Fraud Office (SFO). The trio defrauded around 3,000 UK investors over a seven-year period through misleading investment schemes related to tree planting in Costa Rica.
Details of the Scam
The SFO’s investigation revealed that the directors operated from a call centre in Bournemouth under the guise of Ethical Forestry Limited. They engaged in cold calling, persuading individuals to withdraw funds from legitimate pension schemes to invest in purportedly ‘green’ projects. However, the scheme employed false company names, such as Richmond Solutions and the Pension Report Service, without revealing their actual identity.
While some trees were planted in Costa Rica, funds from investors were not allocated for their maintenance or commercial harvesting, effectively rendering the promised investment returns unattainable. Instead, the money was misappropriated for the defendants’ personal expenses.
- Greenaway acquired a property in Sandbanks, Poole, worth £1.9 million.
- Pickard purchased a £4.3 million residence.
- Luxury vehicles included a Maserati, Ferrari, and McLaren, among others.
- The trio enjoyed lavish holidays in locations such as Italy, Mexico, and the Maldives.
- Approximately £2.77 million was misused to facilitate a tax avoidance scheme for their own benefit.
Statements from Officials
Emma Luxton, Director of Operations at the Serious Fraud Office, highlighted the profound impact of the defendants’ actions, stating that they exploited the goodwill of people seeking ethical investment opportunities. She noted that the SFO’s investigation illuminated the fraudulent activities, resulting in guilty pleas and paving the way for justice for the victims.
Solicitor General Ellie Reeves MP echoed these sentiments, describing fraud as not only a financial crime but a betrayal of trust for many individuals. She emphasised her commitment to supporting the SFO in combating investment fraud and underscored the importance of the recent conviction as a deterrent to future offenders.
Looking Ahead
The three defendants are slated for sentencing in May, with the case serving as a significant reminder of the risks associated with investment scams, particularly those that appeal to environmentally conscious savers. As fraudulent schemes become increasingly sophisticated, the need for vigilance remains crucial.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/sfo-secures-three-convictions-for-70-million-investment-fraud
