Stuart Garner pleads guilty | Crime is over ‘custodial threshold’
Stuart Garner the ex-CEO of Norton has this week pleaded guilty to the crime of ploughing investors pensions into the Norton business before its collapse
STUART Garner the ex-owner of Norton Motorcycles has this week pleaded guilty leaving him facing two years in prison.
Garner made the plea to three charges relating to the mismanagement of Norton’s pension schemes, Dominator 2012, Commando 2012, and Donington MC, which had a combined total of 227 members. Garner was the sole trustee of the schemes. Shortly after this, trustees complained of not receiving their returns when asked, and the company eventually folded.
Garner took the funds from the funds, investing them back into the then floundering Norton Motorcycles business, claiming at the time to have been the victim of unscrupulous pensions and investments advisors.
The Norton concern has since been turned around, with new owners TVS moving in to save the company in the spring of 2020. Since then, Norton has moved to a high-tech new home in Solihull, and bikes are beginning to be built once more.
Garner could now face a two-year prison sentence for the crimes, something the judge who handed down the verdict was clear on. District Judge Jonathan Taaffe noted that the magnitude of the case 'clearly crosses the custodial threshold', although whether Garner will physically go to jail remains to be seen. The other option for the disgraced CEO would be an unlimited fine, a punishment that many will likely see as far too lenient for such crime.
Garner now faces around a three week wait to learn his fate, as the sentencing hearing is due to take place at Derby Crown Court on February 28.
Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
