A man connected to one of the country’s biggest pension fund fraud investigations has been charged with defrauding nine pension funds of £52 million.
Tony Morris, 48, who has been living in a mansion in Palm Beach, Australia, was implicated in an investigation into the whereabouts of the huge cash amount from a pension trustee firm.Morris appeared before Westminster Magistrates Court last week to be charged with conspiracy to defraud, theft and aiding and abetting fraud.Nottingham-based GP Noble Trustees, a company which managed the assets of 29 pension schemes, had been bought in 2006 by an advisory firm – The Money Portal – set up by Morris years earlier.It was suspended from trading in August 2008 after the pensions regulator and the SFO intervened after issues about 'unauthorised' investment of the funds came to light.In January last year, a High Court judge ruled there was evidence to suggest that money from the firm had been paid to Morris, despite never being charged. He claims not to have even been questioned by police. Speaking to the Daily Mail, Morris claimed that a crucial report commissioned by Independent Trustee Services, the firm appointed to replace GP Noble, and compiled by accountancy giant Pricewaterhouse-Coopers (PwC) in 2008, proved his innocence but had been suppressed.Morris said: “In that report it verifies that all bar a few thousand pounds was accounted for. That report said this is a victimless crime in respect of pensioners losing any entitlement to money. Why is the PwC report being withheld from people who can make a more informed decision about this? There is no pensions black hole. It is lunacy.“The investments were never missing, the money that was transferred to the court was transferred from lawyers, not from individuals, and it has all been accounted for.”He said all investments made by the firm had been in “appropriate, legal, recognised and authorised structures” and “made under the scrutiny and protocol” of a regulated international law firm.PwC confirmed that it had done work for ITS, but would not disclose details, claiming client confidentiality.Morris said: “It should be in the public domain because it is part of the disclosure documents of ITS. If they haven't submitted it as part of their evidence, they are withholding material information.”In an unrelated case, Morris quit his position as head of independent financial adviser The Money Portal in 2005 after being disqualified as a director for ten years.He also dismissed speculation that he left Britain as a result of alleged events within GP Noble, saying he had moved to Australia for personal reasons.He said: “All of my plans and my move were well in advance of this matter. It was not that I emigrated to Australia because there is a black hole in a pension fund - there is no black hole. I met my Australian wife and started my family well before this sorry saga ever began.”This case was originally referred to the SFO in July 2008 by The Pensions Regulator (TPR), who appointed Independent Trustee Services Limited to manage the nine affected pension schemes in place of GP Noble. TPR suspended GP Noble and two of its directors/officers, Graham Pitcher and Gary Cordell, from acting as trustees. All three have since been prohibited from acting as trustees and GP Noble has gone into liquidation.The prosecution revolves around the alleged theft of £52 million in two tranches: £30 million was taken in August 2007 and £22 million in April 2008 from nine pension schemes managed by G.P. Noble Trustees Limited and BDC Trustees Limited.The alleged actions exposed the pensions of approximately 2,200 people to unacceptable risk.The news follows the charging of four other people in relation to this investigation.Peter Malmstrom, 43, of London, an associate of Tony Morris, was charged in November 2010 with money laundering and proceeds of crime offences.Already charged, in March 2010, and subject to a separate trial are Graham Pitcher, 49, and Gary Cordell, 42, both former trustees at GP Noble.Independent financial advisor Quentin Russell, 53, was charged in November 2009 with Fraud Act 2006 and forgery offences.Morris been remanded in custody to appear before Southwark Crown Court on April 8.Manchester debt firm is liquidated owing creditors over £2.2m
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