Citywire for Financial Professionals
Stay connected:

View the article online at

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.

1 comment so far. Why not have your say?

M Hargreaves

Apr 30, 2010 at 19:46

I find it interesting the disgraceful comments of the former Chief Executive of Berkley Berry Birch have been removed. I wonder if this is at the insistence of Mr's Pitcher's lawyers ? Unless things have changed, you are innocent until proven guilty in this country !

Mr Lockyer had suggested Mr Pitcher destroyed BBB. Mr Lockyer must be suffering from amnesia.

My recollection is serious compliance breaches by BBB led to costly investigations which contributed to a significant capital adequacy shortfall and led to the FSA removing BBB's regulatory permissions. How did Mr Lockyer as Chairman and Chief Executive allow this these fundamental breaches to happen, given it resulted in the demise of BBB ?

I for one would welcome a thorough FSA investigation into Clifford Lockyer's stewardship of BBB. Clearly prior to the investigations the entire BBB Board where asleep at the wheel and with regards to the capital adequacy issue, what exactly was Mr Butcher the FD doing ? I think there are many unanswered questions and I am copying my comments to Margaret Cole, the FSA Head of Enforcement demanding an urgent and immediate review.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

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.

Watch Now

More about this:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

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 to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet