Three former directors of Ethical Forestry have been jailed for a combined 15 years and nine months after admitting fraudulent trading in a £70m Costa Rica tree-investment scheme.
Matthew Pickard was sentenced to six years in prison at Southwark Crown Court. Stephen Greenaway received five years and three months, while Paul Laver was sentenced to four years and six months.
The Serious Fraud Office said around 3,000 UK investors were affected. Ethical Forestry promoted investments in tree plantations in Costa Rica before the company collapsed in 2015.
Prosecutors said millions of pounds were diverted into luxury homes, cars, holidays and a yacht. The case involved a scheme operated from Bournemouth and marketed as a tree investment with a pension connection.
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All three men were also disqualified from acting as company directors for 10 years.
The sentencing concludes the SFO’s criminal investigation into Ethical Forestry Limited. However, the agency said its proceeds-of-crime case remains ongoing.
The latest court action is the newest stage in a case that has affected thousands of UK investors. The SFO’s continuing proceeds-of-crime proceedings will determine the next steps in efforts connected with money obtained through the scheme.
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Three fraudsters jailed after buying supercars and yacht in £70m tree-planting scam
