STUART Garner, the former boss of Norton Motorcycles, has had his sentencing at Derby Magistrates’ Court postponed.
The original date for the sentencing was today (30 March 2022), but the court has been adjourned until tomorrow (31 March 2022), according to the Pensions Regulator.
The sentencing is in relation to the case brought against Garner in which it was alleged that he had illegally invested funds placed in pensions to which he was the sole trustee.
Previously, the court had heard on 7 February that Garner had invested £11m taken from pensions; specifically Dominator 2012, Commando 2012 and Donington MC, with 227 people estimated to have been affected according to the Pensions Regulator.
The investments were said to have taken place between 2012 and 2013, and illegally exceeded the 5% investment limit put on employer related investments (ERIs).
Garner had bought Norton in 2008, but by 2020 it had been served a winding up order in the face of a £300,000 tax bill.
Administration followed for Norton, and later on the pensions ombudsman accused Garner of “dishonesty, breaching investment laws and failing to ensure investors were putting their cash in the right sort of schemes,” according to Business Live.
This latest postponement comes just over a month after the hearing was originally postponed at the end of February. The new date (today, 30 March 2020) was confirmed by Derby Magistrates’ Court on 14 March 2022. When the sentencing goes ahead tomorrow, it will be a full 31 days since it was originally due to take place.
