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Former owner of Norton Motorcycles given suspended sentence for breaching ERI rules

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Published on: 01 April 2022

Published by LNB News

LNB News 01/04/2022

Document Information

Issue Date: 01 April 2022

Published Date: 01 April 2022

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Pensions Regulator (TPR) has successfully prosecuted former owner of Norton Motorcycle Holdings Ltd, Stuart Garner, for illegally investing money from pension schemes into his business. Upon pleading guilty of three counts of breaching employer-related investment (ERI) rules, Garner was given an eight-month prison sentence suspended for two years, disqualified from acting as a company director for three years, and ordered to pay £20,716 in costs for TPR. The Pensions Ombudsman has, in addition, ordered Garner to repay the amount lost on investment in preference shares, plus interest.

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