£70M Tree-Planting Pension Fraud Trio Jailed After £14M Luxury Spending Spree

Three former directors of a Bournemouth-based 'ethical' pension scheme have been jailed over a £70 million investment fraud that left nearly 3,000 savers out of pocket while funding a £14 million splurge on luxury homes, supercars and a yacht.

Matthew Pickard, 55, Stephen Greenaway, 48, and Paul Laver, 48, each admitted fraudulent trading at Southwark Crown Court over their roles at Ethical Forestry Ltd, which operated between 2008 and 2015.

Pickard was jailed for six years, Greenaway for five years and three months, and Laver for four years and six months. All three were disqualified from acting as company directors for a decade and will be eligible for release after serving a third of their sentences.

The Serious Fraud Office (SFO) said the company had marketed itself as a way to grow a pension pot ethically, telling investors their money would fund tree-planting in Costa Rica, with substantial returns once the timber was harvested.

Many were approached through cold calls offering a 'free pension review' before being persuaded to transfer their retirement savings into the scheme.

£14M Diverted as Two Million Trees Failed To Turn a Profit

Prosecutor Kevin Dent KC told the court the pitch combined 'hard finance and ecological consciousness' in a way he described as 'intoxicating'. Investigators found that although around two million trees were planted, there was no credible plan or funding in place to maintain or harvest them, meaning the promised returns could never be realised.

The SFO said roughly £14 million was instead diverted by the three directors through a tax avoidance arrangement, draining the firm even as new investors continued to be recruited.

The company collapsed in 2015 with an unpaid tax bill and missing funds.

Judge Alexander Milne KC told the defendants it was 'hard to overstate the impact' of the collapse, adding that while directors were entitled to salaries and dividends, 'this was neither. This was plunder.'

The court heard that investors were typically cold-called from a Bournemouth call centre, passed to a colleague who recommended switching pensions into the scheme, and then visited by a courier with paperwork within hours. This process allowed funds to be transferred rapidly.

£8.2m, a Yacht, a Maserati and 45 Luxury Cars

Pickard, described in court as the 'driving force' behind the company, took around £8.2 million. He bought a £4.2 million waterfront property in Poole, spent close to £4 million on renovations including a swimming pool, and paid £283,000 for a yacht, £101,000 for a Maserati and £345,000 in school fees.

Greenaway, a former martial arts teacher, received about £3.1 million, buying a £1.9 million home and spending £1.3 million on 26 cars, including three Ferraris, five Porsches and a McLaren. Laver took roughly £2.5 million, buying a Dorset property, 16 sports cars worth £673,000 and a home cinema.

A former employee, Susan Cox, told prosecutors staff had grown used to the directors' cars 'roaring into' the office car park, and that vehicles were moved out of sight during client visits. Between them, the men owned 45 luxury cars.

'How Can You Treat Human Beings Like That?'

More than 3,000 people invested in the scheme, with a minimum stake of £10,000. One victim put in £200,000, and many were pensioners who transferred life savings after being told they were supporting sustainable forestry.

Andrea Panayi, a former bank worker from Middlewich in Cheshire, told the court she lost £125,000 built up over 20 years. 'How can you treat human beings like that?' she said, adding that some victims have since had to rely on state support, with some facing the loss of their homes.

SFO director Graham McNulty said the men had 'preyed on people's good intentions to support a "green" investment'. He added that the strength of the evidence had secured three guilty pleas.

It remains unclear how much, if any, of the missing £70 million will be recovered.