For Nigerians and other African diaspora communities in the UK, this case is a stark reminder of how pension and “ethical investment” scams can devastate families, wipe out retirement savings and affect long-term financial security. Many migrants work for decades to build pensions, making vigilance against fraud especially critical.
Three Bournemouth-based men have been convicted of fraudulent trading after a major investigation revealed they defrauded around 3,000 UK investors of their pensions and life savings through a fake “ethical forestry” investment scheme.
Matthew Pickard, 56, Stephen Greenaway, 47, and Paul Laver, 47 were convicted at Southwark Crown Court following an investigation by the Serious Fraud Office. The convictions come ahead of sentencing expected in May, bringing one of the UK’s largest pension fraud cases a step closer to justice.
The court heard that over a seven-year period, the men operated a sophisticated scam through their company, Ethical Forestry Limited. From a call centre in Bournemouth, employees cold-called members of the public, offering what were presented as pension reviews. Call handlers used misleading business names, including Richmond Solutions and the Pension Report Service, and deliberately failed to disclose that they were working for Ethical Forestry Limited.
Victims were encouraged to transfer money out of legitimate pension schemes and invest instead in tree-planting projects in Costa Rica. The scheme was marketed as both environmentally responsible and financially rewarding, appealing to savers who believed they were securing their future while supporting sustainable development.
Although trees were planted in Costa Rica, the Serious Fraud Office found that no money was set aside to maintain the plantations or to carry out commercial harvesting. As a result, the investments could never generate the promised returns. Investigators concluded that from the outset, investors’ money had no realistic prospect of delivering profits.
Instead, the funds were used to bankroll the defendants’ lavish lifestyles. Stephen Greenaway purchased a £1.9 million home in Sandbanks, Poole, while Matthew Pickard bought a £4.3 million property. The men also spent heavily on luxury vehicles, including a Ferrari 458 Italia, a McLaren MP4-12C, a Maserati Granturismo and a Porsche 911 Turbo S, alongside high-end holidays in destinations such as the Maldives, Mexico, Italy, Switzerland and France.
The SFO also revealed that £2.77 million of investors’ money was diverted into a tax avoidance scheme designed to benefit the directors personally, further compounding the scale of the deception.
Emma Luxton, Director of Operations at the Serious Fraud Office, said the former directors exploited people’s desire to invest ethically, stealing around £70 million from pensions and life savings. She said the strength of the evidence uncovered during the complex investigation led to guilty pleas and marked an important step towards justice and potential compensation for victims.
Solicitor General Ellie Reeves MP described fraud as a devastating crime that destroys lives and strips people of their financial security. She said those who misuse the appeal of ethical investments are not only committing financial crimes but betraying the trust of thousands of people planning for retirement.
For Chijos News readers, particularly those within the Nigerian and wider African diaspora who may be targeted by unsolicited pension or investment calls, the case highlights the importance of extreme caution. Pension transfers and overseas investment schemes should always be independently verified, as the consequences of falling victim to fraud can last a lifetime.
The defendants are expected to be sentenced in May, with further proceedings likely to focus on compensation and recovery of assets for the thousands of victims affected by the scheme.
