Today The Pensions Regulator (TPR) has released a report detailing regulatory and legal actions taken against Stuart James Garner, the former owner of Norton Motorcycles, who illegally invested pension schemes' money into his business.
Garner, 54, was sentenced to eight months in prison (suspended for two years) for breaching investment rules, leaving three pension schemes associated with Norton Motorcycles with a combined shortfall of £10 million and was banned from acting as a pension trustee again. He was also disqualified as a company director for three years and ordered to pay TPR’s costs.
TPR emphasised its commitment to supporting compensation efforts for scheme members through the Fraud Compensation Fund and highlighted its determination to prevent Garner from future trustee roles, making it a criminal offense if he acts as a trustee again.
Click here to read TPR report
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