Norton - Garner Guilty

[Phoenix]

“On Monday February 7, the 53-year-old pleaded guilty to three charges of breaching employer-related investment rules – one for each scheme. Handing him unconditional bail, District Judge Jonathan Taaffe said: "I acknowledge this is a complex matter and it was clearly a conflict of interest involving substantial amounts.

"This clearly crosses the custodial threshold and I am sending the case to Derby Crown Court."

The maximum penalty for a breach of ERI rules is an unlimited fine and/or a prison sentence of up to two years.”

In Full:

https://www.motorcyclenews.com/news/202 ... ds-guilty/

[weeksy]

What you on about?

[Phoenix]

What you on about?

It is of course the never ending saga of the Norton rip off which has been ongoing way back to the TRC site. And now it seems to be reaching a conclusion.

“Stuart Garner, the former owner of Norton Motorcycles, has admitted to illegally investing an estimated £11m from the firm’s pension scheme back into the business.”

[weeksy]

Ah ok, now we're making a bit more sense. Thanks

[Bigyin]

Interesting they had a district judge hearing the case at Magistrates Court instead of the usual panel of Magistrates. Looks like Garner could be locked up for the blatant embezzlement of the pension funds.

I doubt much will be recovered back unless they have managed to seize his assets

[Phoenix]

More here from the FT.

https://www.ftadviser.com/pensions/2022 ... ion-funds/

[mangocrazy]

The name Norton seems to attract chancers and ne'er do wells like flies around shit. I really hope the current owners are on the straight and narrow. I don't think the Norton name could survive another scandal.

[Skub]

It's common for the heavy hitters to rob Peter to play Paul with epic sums of money. It's only when everything goes pear shaped they are rumbled. I honestly don't believe they think they are doing anything wrong. It's only money/numbers and it's just business.

To be in that league,any self doubt needs to be replaced by total arrogance.

[mangocrazy]

It strikes me that Garner was blessed with Dunning-Kruger syndrome- he really thought he was master of the fiinancial universe when in fact he was shit with money but could talk the talk. Either that or he was a devious bastard who didn't give a shit about the collateral damage he inflicted and was completely lacking in any moral compass.

Or a combination of both.

[slowsider]

Garner should have got a job in the energy sector.

"Chris O’Shea, chief executive of Centrica, owner of British Gas, estimated last October that almost £400m of customer credit had gone. But that was at a point when only 15 rivals had failed. The figure, almost certainly, will be higher now. If these were banks collapsing without customers’ deposits, argued O’Shea, it would be “a national scandal”. Spot on.

It’s not as if Ofgem was unaware of the danger. In March last year – so a few months before gas prices surged – the regulator announced it was “concerned that some suppliers may use customers’ surplus credit balances to fund otherwise unsustainable business practices”. That concern was well founded: the predictable car crash happened."

https://www.theguardian.com/business/ni ... -we-all-do

[JackyJoll]

The name Norton seems to attract chancers and ne'er do wells like flies around shit

Yes I’ve got one.

[Taff]

The name Norton seems to attract chancers and ne'er do wells like flies around shit

I was sent this job advert last week, my interest lasted as long as it took to remember something about these troubles and Google it.



https://www.nortonmotorcycles.com/caree ... -engineer/

[JackyJoll]

The name Norton seems to attract chancers and ne'er do wells like flies around shit

I was sent this job advert last week, my interest lasted as long as it took to remember something about these troubles and Google it.



https://www.nortonmotorcycles.com/caree ... -engineer/

It’s a different company, apparently with something of a track record.

But yes, the new owners have acquired some badwill along with the brand!

[G.P]

It strikes me that Garner was blessed with Dunning-Kruger syndrome- he really thought he was master of the fiinancial universe when in fact he was shit with money but could talk the talk. Either that or he was a devious bastard who didn't give a shit about the collateral damage he inflicted and was completely lacking in any moral compass.

Or a combination of both.

i'll go with the latter.
two years isn't nearly enough for the scumbag. There's got to be serious fraud in there and lon list of other sins.

[Whysub]

He was given unconditional bail. I for one think that he will skip the country before sentencing...

[JackyJoll]

Sentenced, but no jail-bumming time.

https://www.motorcyclenews.com/news/stu ... -sentence/

[Whysub]

Little consulation to those that he did out of money. That will effect the rest of their lives.

I note he eas declared bankrupt, but I'd wager that he lives in a nice house, drives a nice car, and goes on nice holidays, because he shifted his assetts elsewhere a while ago. Probably to his wife/family.

I hope there is a Proceeds of Crime investigation ongoing into his finances. Although he is said to have put the money back into Norton, I doubt all of it.
There should be something he gained through his crime, and if this is so, every single penny should be taken from him from him.

[Tricky]

Little consulation to those that he did out of money. That will effect the rest of their lives.

I note he eas declared bankrupt, but I'd wager that he lives in a nice house, drives a nice car, and goes on nice holidays, because he shifted his assetts elsewhere a while ago. Probably to his wife/family.

I hope there is a Proceeds of Crime investigation ongoing into his finances. Although he is said to have put the money back into Norton, I doubt all of it.
There should be something he gained through his crime, and if this is so, every single penny should be taken from him from him.

Look like there is- it's definitely not over yet....

MPs launch inquiry into prosecution of Norton Motorcycles pension fraud

https://www.theguardian.com/uk-news/202 ... bdXLELHli0

[The Spin Doctor]

Look like there is- it's definitely not over yet....

MPs launch inquiry into prosecution of Norton Motorcycles pension fraud

https://www.theguardian.com/uk-news/202 ... bdXLELHli0

As I read it, the MPs' inquiry is a committee a look at how the Pension Regulators did THEIR job, perhaps asking why they stopped short of nailing him for fraud (he got his suspended sentence after being found guilty of a technicality in how the pensions were invested) and apparently asking why it's taking so long to get refunds of the original investments to the people who stashed their cash in the Norton pension funds.

But the Guardian has new allegations about how the money was used, including straight out of the pension pot to pay for day-to-day expenses. The big question I would have said is how interested the police are in reopening the case. Since Garner and Norton got so much love from the likes of George Osborne and David Cameron, they may not be exactly encouraged to do so.

[cheb]

Has he got a yacht if wants to go for a swim?