Former Norton boss to be sentenced today
Sentencing in the case of Stuart Garner, the former owner of Norton Motorcycles, is set for today (March 31) after two postponements.
Garner was set to appear at Derby Magistrates Court on February 28, but this was pushed back until yesterday (March 30). A second delay saw the date being rearranged for Thursday – possibly to March 30 – with no reason given for the delay.
He has admitted illegally investing £11m into the business from three pension schemes for which he was the sole trustee.
Garner, of Park Lane, Castle Donington, pleaded guilty to three charges of breaching employer-related investment (ERI) rules by investing more than 5% of assets from each scheme into his business, Norton Motorcycle Holdings.
Derby Magistrates’ Court heard on Monday (February 7) how the offences were in relation to three defined contribution schemes: Dominator 2012, Commando 2012 and Donington MC which had a total of 227 scheme members. The investments, which were made in return for preference shares, were made between 2012 and 2013.
The maximum penalty for a breach of ERI rules is an unlimited fine and/or a prison sentence of up to two years.
