max temp: 12°C

min temp: 2°C

ESTD 1874 Search

Bury St Edmunds: Crooked managing director Graham Pitcher’s £52million fraud appeal dismissed

14:37 29 January 2014

Pension fraud appeal dismissed

Pension fraud appeal dismissed

Archant Norfolk Photographic © 2008

A former managing director jailed over his involvement in a £52million pension fraud has had his appeal against conviction thrown out by the High Court.


Graham Pitcher, of Nacton Lane, Great Barton, near Bury St Edmunds, was jailed for eight years for conspiracy to defraud.

He was found guilty in relation to the misuse of pension scheme funds managed by GP Noble.

The offences took place between October 2006 and July 2008.

Pitcher, then aged 51, was imprisoned in July 2011 after his conviction following a two-month trial at Southwark Crown Court in London.

Another defendant was acquitted, as were two others in a separate trial in 2012.

Pitcher appealed on the bases of non-disclosure of certain issues while would have assisted him at his trial and fresh documentary evidence. He also claimed that the acquittal of one of his alleged co-conspirators made his own conviction unsafe.

Dismissing Pitcher’s application at the Court of Appeal in London today, the three judges headed by Lord Justice Treacy stated: “The overall effect of the now available material would not have made any material impact on the specific issues to which it was relevant, and thus no impact upon the overall verdict. It therefore follows that the applicant was not denied a fair trial.”

They added that in relation to the acquittal of one of the other men they were not persuaded this made Pitcher’s conviction unsafe.

GP Noble was an independent pension trustee company registered in the UK and based in Nottingham.

At the time of the offences, its principal director was Pitcher.

GP Noble administered a large number of occupational pension schemes. Many of the schemes related to companies which had become insolvent or had gone into liquidation.

Pitcher moved £52m from secure guilt based investments from the UK to Swiss bank accounts held in the name of Fareston Limited, a company registered in the British Virgin Islands and Multiple and Unilateral Financial Futures both registered in the British Virgin Islands.

The monies were moved in two tranches with £30m being transferred in August 2007 and £22m transferred in 2008.

He hid the transfers from other GP Noble directors and broke industry rules by failing to inform the pension authorities of the change in investment strategy.

Pitcher effectively handed over control of the pension funds to entities with no assets or track record.

During the trial, the jury heard evidence that Pitcher received substantial personal benefit for his role in the fraud and expected to receive a further £1m per year from Multiple and Unilateral Financial Futures Limited.



Suffolk County Council's cabinet arrived at Elstree today - the home of the Star Wars franchise.

The day after county councillors discussed cutting millions from the authority’s budget over the next two years, its cabinet members are on a £4,000 training course at the world famous Elstree studios.

Nick Alexander, who died in the Bataclan massacre, in Paris, France. Photo: Foreign & Commonwealth Office/PA Wire.

The parents of Essex man Nick Alexander, killed in the Paris terror attacks two weeks’ ago, have released a statement ahead of a memorial service taking place in the French capital today.

Ben Gummer and Mark Pendlington at Ipswich rail station.

Campaigners seeking to improve rail services between East Anglia and London have insisted that the new report into infrastructure is good for the region – because it makes little reference to the route.

Museum bosses have gone back to the drawing board following their lottery bid rejection.

Hopes of a multi-million-pound lottery windfall for Ipswich Museum have been dashed – forcing borough chiefs to reconsider the ambitious £23m project to transform the High Street campus.

Colchester town centre

Two sisters have been jailed for the theft of a purse from a woman, 89, in Colchester.

Annual general meeting of the Waveney Domestic Violence and Abuse Forum. Police and Crime Commissioner, Tim Passmore with temporary Chief Constable, Gareth Wilson, and Drena Black, chairman of the forum. Start of the White Ribbon campaign in the Lowestoft area.    Picture: James Bass

Suffolk’s head of policing joined the county’s top ranking officer in denouncing violence against women.

Cannabis was found at Ipswich house

An illegal immigrant is facing a jail term after police found nearly 400 plants and seedlings at a cannabis factory set up in an east Ipswich house.

Abellio Greater Anglia

Rail services running through Bury St Edmunds face delays of up to 25 minutes or cancellation due to a train fault.

John Hobson, 65, of Mill Road in Colchester, who died following the crash

The partner of a man, who died following a crash in west Suffolk, has paid tribute to her “one true love”.

Alison Wheeler and Tony Brown.

Suffolk’s libraries are facing budget cuts of more than 11% over the next two years – but their chairman has pledged that no branches will be closed.

Most read

Most commented

Topic pages

Local business directory

Our trusted business finder

Property search

e.g. Oxford or NW3
Powered by Zoopla

Digital Edition

Read the East Anglian Daily Times e-edition today E-edition

Great British Life

Great British Life
MyDate24 MyPhotos24