Three men jailed for £70m pension fraud over fake Costa Rica tree scheme
A £70m pension fraud that promised green investments in Costa Rica ends with three men jailed and victims unlikely to recover their savings.
The Full Story
A plain summary built from the channels that reported this story.
Three men have been jailed for a £70m fraud that persuaded thousands of UK savers to invest their pensions in a fake tree-planting scheme in Costa Rica. Matthew Pickard, Stephen Greenaway and Paul Laver were sentenced at Southwark Crown Court, receiving terms ranging from four and a half to six years. They had pleaded guilty to fraudulent trading before trial.
The men ran Ethical Forestry Ltd from Bournemouth, promising investors that their money would be used to plant trees in Costa Rica and deliver large returns. But the scheme was bogus: only around two million trees were planted, and no funds were kept to maintain or harvest them, meaning investors never received the promised payouts. Over seven years, more than 3,000 people were duped out of their pension pots and life savings, with total losses estimated at £70m.
Instead of investing in greenery, the directors spent the money on themselves. The court heard that Pickard, the firm's founder, took £9.5m. Greenaway bought a £2m home and 26 cars, while Laver spent £3m on a house, 16 cars, holidays and artwork. In total, around 45 luxury sports cars, power boats and high-end watches were purchased. The judge described the scheme as "plunder, pure and simple" and said the men spent money as if they had won the lottery.
Victims told the court of the devastating impact. Andrea, a grandmother from Cheshire, lost £125,000 and said she had felt suicidal. Lois Davies, a nurse from Surrey, lost £120,000, which had been intended to provide for her autistic son. She said she had been forced back to work. The judge told the defendants they showed recklessness, carelessness and greed.
The three men, from Bournemouth, will serve sentences of six years (Pickard), five and a quarter years (Greenaway) and four and a half years (Laver). The process of recovering funds for victims will not begin until March, with many saying they are not confident they will get a penny back.
Prosecutors said the men treated the company like a run on the bank, extracting money as they liked. The case has highlighted the risks of unregulated pension investment schemes.
On screen
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Key Claims
Claims reported during this story's coverage, mapped by channel. Ordered by how many channels carried each claim.
| Claim | Channel 5 | ITV |
|---|---|---|
| Three men defrauded around 3,000 people and stole £14 million, with one spending £9.5 million. | ||
| Around 2 million trees were planted, but no funds were kept to look after or harvest them. | · | |
| The judge said the defendants showed recklessness, carelessness and greed. | · | |
| The three men pleaded guilty to fraudulent trading. | · | |
| Three men were jailed for a £70m pension fraud; sentences ranged from four and a half to six years, and Matthew Pickard spent £9.5m of investors' money. | · |
Channel Perspectives
What each channel focused on, with key quotes.
Focused on the emotional toll on victims, including a grandmother who lost £125,000 and said she felt suicidal, and the judge's criticism of the defendants. It also stressed the uncertainty over whether victims will see any money, with recovery proceedings not starting until March.
- “The defendants treated the company like it was a run on the bank by the end. They spent investors' money like it was their own.”
- “the judge said that they had shown recklessness, carelessness and greed.”
Provided the most detailed breakdown of the scam, including the glossy newsletters, the scale of spending (45 luxury cars, boats), and the victims' stories. It also highlighted that the men pleaded guilty before trial and the uncertainty over recovery.
- “It was just greed, absolute greed.”
- “The judge told the three men that the scheme was plunder, pure and simple.”
Focused on the victims' anger and the lavish lifestyle of the fraudsters, with quotes from Andrea calling it 'absolutely disgusting'. It also emphasised the judge's description of the men as reckless and greedy, and the long wait for possible compensation.
- “Absolutely disgusting. Absolutely disgusting, the lifestyle they've lived.”
- “The judge today described the defendants as reckless and greedy.”
Broadcast Timeline
News broadcasts tracked for this story, in time order.