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Stuart Garner faces jail over Norton pensions - Printable Version +- TT Website Forum (https://www.ttwebsite.com/forums) +-- Forum: Isle of Man TT Website (https://www.ttwebsite.com/forums/forumdisplay.php?fid=3) +--- Forum: General Discussion (https://www.ttwebsite.com/forums/forumdisplay.php?fid=137) +--- Thread: Stuart Garner faces jail over Norton pensions (/showthread.php?tid=30946) |
Stuart Garner faces jail over Norton pensions - Malcolm - 08-02-2022 ![]() Stuart Garner – Norton’s owner and CEO from 2008 until its 2020 break-up – could be jailed for up to two years after pleading guilting to breaching employer-related investment rules.
Garner appeared at Derby Magistrates’ Court on Monday to face three charges over a trio of pensions schemes that he ran during his period in charge of Norton. The ‘Dominator 2012’, ‘Commando 2012’ and ‘Donington MC’ schemes held the pensions of 227 members, and Garner was their sole trustee. He broke rules by investing more than 5% of the assets from each of these pension funds into Norton Motorcycle Holdings Ltd. Under the Pensions Act 1995 and Occupational Pension Schemes (Investment) Regulations 2005, no more than 5% of pension scheme assets can be invested in the employer’s own business, with a maximum sentence of two years imprisonment for breaching those rules. Nicola Parish, Executive Director of Frontline Regulation at The Pensions Regulator, said: “As a trustee, Stuart Garner failed to comply with restrictions on investments which are designed to protect the funds of pension schemes. Trustees have a vital role in protecting the benefits of members and we will take action where that responsibility is abused. “Trustees should be clear on when a pension scheme can invest in its sponsoring employer.” Since Magistrates’ Courts have limited sentencing power, unable to hand down jail terms of more than six months, Garner has been released on unconditional bail pending sentencing at Derby Crown Court on February 28. District Judge Jonathan Taaffe said: “This clearly crosses the custodial threshold and I am sending the case to Derby Crown Court.” Garners crimes came to light after Norton entered administration in January 2020, with pension funds owed around £14 million. In June that year, the Pension Ombudsman ruled that Garner had acted dishonestly and ordered him to pay back the funds. The Norton name has since been revived, with Indian firm TVS snapping up the rights to the brand and the intellectual property relating to the motorcycles themselves, as well as equipment and tooling. However, it’s important to note that the TVS-owned Norton is a new company and doesn’t take on the liabilities of the Garner’s iteration of Norton. ![]() RE: Stuart Garner faces jail over Norton pensions - Sam Pato - 09-02-2022 Two years for frittering away $14M of peoples life savings seems a bit light... IMO RE: Stuart Garner faces jail over Norton pensions - eman1948 - 09-02-2022 Totally agree with you. RE: Stuart Garner faces jail over Norton pensions - sprocket - 09-02-2022 IMO he should of got TWENTY two years and then some !! RE: Stuart Garner faces jail over Norton pensions - Chrisp955 - 10-02-2022 How anyone who let's face it has never known hardship and lives a life most of us can only dream of. Justify to themselves that they have the right to spend peaple pensions to prop up there high spending life style. He should be made to sell everything he owns and his future earnings should be taken to he repays these peaple or the family's of the one's that have past away. Two year inside let's hope someone gets a grip of him and gives him a rebore RE: Stuart Garner faces jail over Norton pensions - eman1948 - 10-02-2022 He has probably hidden millions so 2 years is a small price to pay. The man is scum but he wears it with pride. RE: Stuart Garner faces jail over Norton pensions - Alfie Noakes - 31-03-2022 I sadly see the ex-fireworks salesman that is Mr Garner got off with a suspended sentence and played / pleaded the time-served good old fashioned "mental problems" in court ...... he should have stuck to selling sparklers and roman candles.......a few words i'd happily use but won't lower the tone of this fine site... http://www.itv.com/news/central/2022-03-31/boss-who-broke-law-with-11-million-of-pension-savings-escapes-jail RE: Stuart Garner faces jail over Norton pensions - Sam Pato - 31-03-2022 As per your post Alfie I'll refrain from venting my feelings - but I have no concept of how that could be deemed a just outcome. RE: Stuart Garner faces jail over Norton pensions - captainsparkledotcom - 01-04-2022 I find this unbelievable, & they say crime doesn't pay! I've never understood the sense behind "suspended" sentencing, it just doesn't seem like a punishment to me. I've said this before, but I'll say it again! many years ago, in fact when Garner brought Norton back to the TT, myself a friend were looking at the bikes & the set up in the paddock & we were engaged in conversation with him, he was really enthusiastic until, I said something along the lines of "its amazing how much money can be made out of selling fireworks" ( for anyone that knows me it was my way of introducing the pyrotechnics into the conversation with the hope of a bit of sponsorship/product supply for our act!!) Well, if looks could kill!! Of he stormed & that was the end of that! I happened to mention how "surprised" i was (& a little miffed) on the soshul meeja of the time & was met with an amount of abuse from some quarters (which I think would have been much worse these days!) To this day I still can't work out why he was so offended, am I missing something? RE: Stuart Garner faces jail over Norton pensions - rutolander - 01-04-2022 How to steal £20m and get away with it will be the next book he writes |