Three former directors of Ethical Forestry Limited plead guilty following a Serious Fraud Office (SFO) investigation into a £70 million investment scheme fraud.
Former Ethical Foreetry Ltd Directors, Matthew Pickard, 56, Stephen Greenaway, 47, and Paul Laver, 47 from Bournemouth have been convicted at Southwark Crown Court today of fraudulent trading, ahead of an expected trial next month.
An SFO investigation found that the directors defrauded approximately 3,000 UK investors over seven years.
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Operating from a Bournemouth call centre, employees of Ethical Forestry Limited cold-called members of the public offering pension reviews. They used false company names, including Richmond Solutions and the Pension Report Service, without disclosing their true employer. Caller handlers encouraged people to withdraw their savings from legitimate pension schemes and invest funds in tree planting in Costa Rica.
Whilst trees were planted in Costa Rica, no funds were set aside to maintain the trees or undertake commercial harvest, so investors’ money could never generate the promised returns from the harvest of trees
Funds were instead used to support the defendants’ lifestyles. Stephen Greenaway purchased a £1.9 million home in Sandbanks, Poole, while Matthew Pickard bought a £4.3 million property.
The defendants also amassed a collection of high-end sports cars including a Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, and Porsche 911 Turbo S and enjoyed luxury holidays in Italy, Mexico, France, Gran Canaria, the Maldives, and Switzerland.
£2.77 million of investor monies were also diverted and used to administer a tax avoidance scheme for the directors’ own benefit.
Emma Luxton, Director of Operations at the Serious Fraud Office (SFO), said:
These former directors preyed on people’s good intentions to support ‘green’ investment, stealing £70 million from hard-earned life savings and pensions.
Our complex investigation exposed this fraudulent scheme and the strength of our evidence led to guilty pleas. This is an important step towards justice and compensation for the 3,000 victims.
Solicitor General Ellie Reeves MP, said:
Fraud is a devastating crime that destroys lives and strips people of their hard-earned savings. Those who exploit the appeal of ethical investments to defraud from savers aren’t simply committing financial crime – they are betraying the trust of thousands of people planning for their futures.
As Solicitor General, I am committed to supporting the Serious Fraud Office in tackling investment fraud and holding perpetrators to account. This conviction sends a clear message: the authorities will pursue those who prey on the public, regardless of how complex their schemes may be.
The defendants are expected to be sentenced in May.
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