SFO secures guilty pleas in £70m Ethical Forestry pension fraud case
The Serious Fraud Office (SFO) has secured convictions against three former directors of Ethical Forestry Limited over a £70m investment fraud that targeted thousands of retail investors. Matthew Pickard, Stephen Greenaway and Paul Laver pleaded guilty at Southwark Crown Court to charges of fraudulent trading. According to the SFO, the defendants ran a call centre that cold-called members of the public, persuading them to transfer savings and pension funds into forestry projects in Costa Rica. Approximately 3,000 investors were defrauded. Although trees were planted, no funds were set aside for their maintenance or eventual harvest, rendering the promised investment returns impossible to achieve. Instead, investor funds were used to bankroll the defendants’ personal lifestyles, including luxury properties, high-value vehicles and holidays. A further £2.77m was channelled into a tax avoidance arrangement for the directors’ benefit. Sentencing is scheduled to take place at Southwark Crown Court in May 2026. The SFO has asked affected investors to complete a questionnaire by 10 April 2026, to assist the court in determining whether to make a compensation order at a later hearing.