Pension trustees charged in connection with £52 million fraud

The SFO has announced that two former GP Noble trustees have been charged with fraud and abuse of their positions in connection with the alleged theft of £52 million of pension assets from nine occupational pension schemes. The case, which was referred to the SFO in 2008 by the Pensions Regulator, involves suspected offences between 2007 and 2008. Graham Pitcher and Gary Cordell have been charged with:

• conspiracy to defraud the beneficiaries of the affected schemes contrary to common law;
• theft contrary to section 1(1) of the Theft Act 1968;
• fraud and abuse of position contrary to sections 1 and 4 of the Fraud Act 2006; and
• money laundering contrary to section 327(1)(e) of the Proceeds of Crime Act 2002.