Pensions Ombudsman Rules Against 'Dishonest' Bike Boss
Law360, London (June 26, 2020, 5:48 PM BST) -- The boss of a motorbike manufacturer must repay pension funds invested as shares in his company, The Pensions Ombudsman said, after finding he acted "dishonestly" with members' savings.
Stuart Garner was censured by the Ombudsman in its final determination Wednesday for a conflict of interest and a breach of his statutory duties.
Garner was the director and sole shareholder of Norton Motorcycles Holdings from 2008 until it entered administration in January. He established three pensions schemes in 2012 and was appointed sole trustee at the time.
The Ombudsman found that Garner invested members' entire funds in the schemes in preference shares...
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