View the article online at http://citywire.co.uk/money/article/a390377
Pension trustees charged over £52m fraud
Two former GP Noble trustees Graham Pitcher and Gary Cordell have been charged with fraud involving nine pension schemes.
Two former GP Noble trustees have been charged with fraud and abuse of position in connection with the alleged theft of £52 million of pension assets from nine occupational pension schemes.
The Serious Fraud Office said Graham Pitcher and Gary Cordell would appear before City of London Magistrates Court on 6 April.
The offences relate to a period between 2007 and 2008 when they worked as trustees whilst employed by the independent trustee company GP Noble.
The pair have been charges with:
• Conspiracy to defraud the beneficiaries of the affected schemes contrary to common law
• Theft contrary to section 1(1) of the Theft Act 1968
• Fraud and abuse of position contrary to sections 1 and 4 of the Fraud Act 2006
• Money laundering contrary to section 327(1)(e) of the Proceeds of Crime Act 2002
The case was referred to the Serious Fraud Office in 2008 by the Pensions Regulator.
TPR also appointed Independent Trustee Services Limited (ITS) to manage the nine affected pension schemes in place of GP Noble which was also suspended from acting as a trustee.
News sponsored by:
Making the most out of Europe's potential means seeing things differently. Learn more about how BlackRock's focused approach to investing in Europe helps investors unlock the continent's vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.