Directors Sentenced to Prison for Orchestrating £70 Million Investment Fraud Scheme

Matthew Pickard, aged 56, Stephen Greenaway, 47, and Paul Laver, also 47, all residents of Bournemouth, have been sentenced to a total of 15 years and nine months imprisonment for orchestrating an extensive investment fraud that spanned seven years and swindled over £70 million from more than 3,000 individuals, many of whom were pensioners relying on their savings.

In a recent ruling, Pickard received a sentence of six years for his role in fraudulent trading, while Greenaway was sentenced to five years and three months, and Laver was handed a four-year and six-month term. Additionally, all three individuals have been disqualified from holding directorships for a period of ten years.

Fraudulent Operations Uncovered

The Serious Fraud Office (SFO) presented evidence to Southwark Crown Court detailing how the defendants operated Ethical Forestry Limited, which ran a call centre based in Bournemouth. They employed cold-calling techniques to persuade unsuspecting members of the public to withdraw funds from their pension schemes, encouraging them to invest in a purported tree-planting initiative in Costa Rica.

Investigations revealed that employees at Ethical Forestry Limited misled potential investors by using fictitious company names and concealing their actual employer, allowing them to gain the trust of their victims. Once confidence was established, they encouraged these individuals to transfer their hard-earned savings into the scheme.

Although some trees were indeed planted in Costa Rica using the invested funds, no provision was made for the maintenance or harvesting of these saplings, ensuring that investors would never see the promised returns on their investments.

Lifestyles Funded by Deception

While their victims watched their life savings diminish, the trio indulged in lavish lifestyles funded by the fraudulent proceeds. Millions of pounds were spent on luxury items, including high-end sports cars and extravagant holidays across Europe and Asia. Greenaway notably purchased a property valued at £1.9 million, while Pickard acquired a £4.3 million residence in Sandbanks, Poole.

Additionally, £2.77 million of investor funds was misappropriated to support a tax avoidance scheme that primarily benefited the directors themselves.

Justice Served through Thorough Investigation

As a result of the SFO’s comprehensive investigation, all three defendants pleaded guilty to charges of fraudulent trading in January, prior to a scheduled trial. Graham McNulty QPM, Director of the Serious Fraud Office, commented on the case, stating:

“These former directors preyed on people’s good intentions to support a ‘green’ investment, stealing £70 million from hard-earned life savings and pensions. Our thorough investigation exposed this fraudulent scheme, and the strength of our evidence led us to secure three guilty pleas, resulting in today’s sentence. This is an important step towards justice.”

For further inquiries, the press office can be contacted via email at news@sfo.gov.uk or through the out-of-hours contact number +44 (0)7557 009842.