Business owner to be prosecuted for illegal money investment
23 August 2021
The Pensions Regulator (TPR) has confirmed that it is to prosecute the former owner of Norton Motorcycles, Stuart James Garner, for illegally investing money into the business from three pension schemes that he was the sole trustee for.
He is accused of breaching Employer Related Investment (ERI) rules as he invested over 5% of assets from each scheme into his business, Norton Motorcycle Holdings Ltd. The investments were made over 2012 and 2013 and were made in return for preference shares. It is a criminal offence to invest over 5% of current market value of scheme resources in ERIs.
The decision to prosecute comes two years after TPR first got involved, in a case that was dates back to 2012.
Mr. Garner is due to appear at Derby Magistrates’ Court on 15 November 2021 and is charged with three separate ERI offences.
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