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Fraudsters Jailed After Buying Supercars and a Yacht in £70m Tree-Planting Scam
Prosecutors say the directors spent £14 million on luxury cars, holidays and watches after taking £70 million from investors.
- On Thursday, Judge Alexander Milne KC sentenced Matthew Pickard to six years in prison, Stephen Greenaway to five years and three months, and Paul Laver to four and a half years for operating a £70m investment fraud at Bournemouth-based Ethical Forestry Ltd.
- The three directors persuaded nearly 3,000 victims to invest savings and pensions into a tree-planting scheme in Costa Rica, operating a Ponzi-style fraud that collapsed in 2015 after taking £70m from investors.
- While luring victims, the directors withdrew £14 million through a tax avoidance scheme and spent it on luxury cars, properties, and watches, even hiding supercars in a public car park during investor visits.
- SFO director Graham McNulty said the investigation "exposed this fraudulent scheme," securing three guilty pleas; all three defendants were disqualified from acting as company directors for 10 years.
- Proceeds of crime hearings will attempt to recoup victims' money as the judge noted the fraud left individuals with "futures blighted, marriages broken, health and security of people jeopardised.
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Sky News UKReposted by 
Great Yorkshire Radio
Great Yorkshire RadioThree fraudsters jailed after buying supercars and yacht in £70m tree-planting scam
They convinced around 3,000 victims to invest their savings and pensions into Ethical Forestry Ltd (EFL), with promises of "huge" returns from a tree-planting operation in Costa Rica.
·United Kingdom
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Total News Sources12
Leaning Left0Leaning Right1Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
C 86%
14%
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