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.
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