Three Men Jailed for £70m Costa Rican Forestry Pension Scam
Three men have been sentenced to significant prison terms for their roles in an elaborate, multi-million-pound investment fraud that saw 3,000 people lose their hard-earned workplace pensions.
Matthew Pickard, 55, Stephen Greenaway, 46, and Paul Laver, 47, were the architects behind Ethical Forestry Ltd, a Bournemouth-based firm that enticed investors with the promise of high-yield returns from teak tree plantations in Costa Rica.
During the trial at Southwark Crown Court, it was revealed that the trio operated a sophisticated scheme that swindled roughly £70 million from small-scale investors. Instead of nurturing a sustainable forestry business, the defendants funneled the capital into a lavish lifestyle, using victims’ retirement savings to finance luxury cars, exotic holidays, and personal indulgence.
The fraudulent enterprise eventually collapsed in 2015, leaving thousands of investors—many of whom had transferred their workplace pension pots into the scheme—facing financial ruin.
The sentencing reflects the scale of the deception and the devastating impact the scam had on its victims:
- Matthew Pickard, identified as a leading figure in the fraudulent trading, was handed a six-year prison sentence after pleading guilty.
- Stephen Greenaway was sentenced to five years and three months in prison after admitting to the same charge.
- Paul Laver received a four-and-a-half-year jail term.
The case serves as a stark reminder of the dangers of unregulated investment schemes, particularly those promising extraordinary returns on “ethical” or “green” initiatives. Prosecutors highlighted how the firm targeted vulnerable individuals, convincing them to move their pension assets into what was effectively a hollow enterprise designed to enrich its directors at the expense of the public.
