Three men have been sentenced to prison for their roles in a £70 million investment scam involving tree-planting schemes that defrauded approximately 3,000 investors of their workplace pensions. Matthew Pickard, 55, Stephen Greenaway, 46, and Paul Laver, 47, were convicted of fraudulent trading.
The scheme, operated by Bournemouth-based Ethical Forestry Ltd, promised investors returns from forestry projects in Costa Rica. Instead, the profits were used by the men to purchase luxury items, including high-end vehicles and expensive holidays. The company ultimately collapsed in 2015, leaving investors without their funds.
Southwark Crown Court heard the details of the fraudulent operation. Pickard, who admitted to fraudulent trading, received a six-year prison sentence. Greenaway was sentenced to five years and three months, while Laver received a four-and-a-half-year sentence, having also pleaded guilty to the charge.
The scale of the fraud impacted a significant number of individuals who had invested their pensions in the scheme. The court's decision marks the end of a legal process that began after the company's collapse and subsequent investigation into its financial practices.