UK Serious Fraud Office (SFO): 3 Directors of Ethical Forestry Convicted for Fraud Raising $94 Million (£70 Million) from 3,000+ UK Investors Over 7 Years to Invest in Tree Planting in Costa Rica, Funds Were Not Invested But Used for Personal Use Including Buying £6.2 Million of Properties, Spending £2.7 Million to Setup Tax Avoidance Scheme, Buying High-End Sports Cars (Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, Porsche 911 Turbo S) & Luxury Holidays in Italy, Mexico, France, Gran Canaria, Maldives & Switzerland, 3 Ethical Forestry Directors are Matthew Pickard,, Stephen Greenaway & Paul Laver
20th January | Hong Kong
UK Serious Fraud Office (SFO) – 3 Directors of Ethical Forestry have been convicted for fraud, raising $94 million (£70 million) from 3,000+ UK investors over 7 years to invest in tree planting in Costa Rica. The funds were not invested but used for personal use including buying £6.2 million of properties, spending £2.7 million to setup tax avoidance scheme, buying high-end sports cars (Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, Porsche 911 Turbo S) & for luxury holidays in Italy, Mexico, France, Gran Canaria, Maldives & Switzerland. The 3 Ethical Forestry Directors are Matthew Pickard,, Stephen Greenaway & Paul Laver. Announcement (16/1/26): “Three former directors of Ethical Forestry Limited plead guilty following a Serious Fraud Office (SFO) investigation into a £70 million investment scheme fraud. Matthew Pickard, 56, Stephen Greenaway, 47, and Paul Laver, 47 from Bournemouth have been convicted at Southwark Crown Court today of fraudulent trading, ahead of an expected trial next month. An SFO investigation found that the directors defrauded approximately 3,000 UK investors over seven years. Operating from a Bournemouth call centre, employees of Ethical Forestry Limited cold-called members of the public offering pension reviews. They used false company names, including Richmond Solutions and the Pension Report Service, without disclosing their true employer. Caller handlers encouraged people to withdraw their savings from legitimate pension schemes and invest funds in tree planting in Costa Rica. Whilst trees were planted in Costa Rica, no funds were set aside to maintain the trees or undertake commercial harvest, so investors’ money could never generate the promised returns from the harvest of trees. Funds were instead used to support the defendants’ lifestyles. Stephen Greenaway purchased a £1.9 million home in Sandbanks, Poole, while Matthew Pickard bought a £4.3 million property. The defendants also amassed a collection of high-end sports cars including a Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, and Porsche 911 Turbo S and enjoyed luxury holidays in Italy, Mexico, France, Gran Canaria, the Maldives, and Switzerland. £2.77 million of investor monies were also diverted and used to administer a tax avoidance scheme for the directors’ own benefit.”
“ UK Serious Fraud Office (SFO): 3 Directors of Ethical Forestry Convicted for Fraud Raising $94 Million (£70 Million) from 3,000+ UK Investors Over 7 Years to Invest in Tree Planting in Costa Rica, Funds Were Not Invested But Used for Personal Use Including Buying £6.2 Million of Properties, Spending £2.7 Million to Setup Tax Avoidance Scheme, Buying High-End Sports Cars (Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, Porsche 911 Turbo S) & Luxury Holidays in Italy, Mexico, France, Gran Canaria, Maldives & Switzerland, 3 Ethical Forestry Directors are Matthew Pickard,, Stephen Greenaway & Paul Laver “
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UK Serious Fraud Office (SFO): 3 Directors of Ethical Forestry Convicted for Fraud Raising $94 Million (£70 Million) from 3,000+ UK Investors Over 7 Years to Invest in Tree Planting in Costa Rica, Funds Were Not Invested But Used for Personal Use Including Buying £6.2 Million of Properties, Spending £2.7 Million to Setup Tax Avoidance Scheme, Buying High-End Sports Cars (Maserati Nero Granturismo, Ferrari 458 Italia, McLaren MP4-12C, Audi R8 V10 Spyder, Porsche 911 Turbo S) & Luxury Holidays in Italy, Mexico, France, Gran Canaria, Maldives & Switzerland, 3 Ethical Forestry Directors are Matthew Pickard,, Stephen Greenaway & Paul Laver
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