Duo’s fraud charges

A SUFFOLK man has appeared in court charged with involvement in an alleged �52million pension fraud.

Graham Pitcher, 49, of Great Barton, Bury St Edmunds, is charged with Gary Cordell of conspiring to defraud the beneficiaries of nine pension schemes.

Pitcher and Cordell, 41, of Castle Quay Close, Nottingham, are former directors of GP Noble Trustees Ltd. The two men appeared before City of London Magistrates’ Court yesterday charged with theft of �31,146,092.97 belonging to Nottingham-based GP Noble and the beneficiaries of pension schemes of which the firm’s employees were trustees between July 2, 2007 and August 15 ,2007.

They face a second charge of stealing �21,641,231.58 from the firm and pension scheme beneficiaries between April 15, 2008 and April 22, 2008.

They are charged with moving both sums, held in trustee accounts, from England and Wales, contrary to the Proceeds of Crime Act 2002.


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Pitcher and Cordell are also charged with conspiring to defraud the beneficiaries of pension schemes between October 31, 2006 and July 5, 2008 by liquidating investments made on behalf of the schemes, and transferring proceeds, or a proportion of them, for their own use or reinvesting the sums recklessly, dishonestly or in a manner inconsistent with their duties as trustees.

The two men are further charged with abusing their positions as directors of GP Noble by liquidating investments made on behalf of pension schemes between July 2 2007, and August 15 2007 and also between April 15 2008, and April 22 2008, and of behaving in a manner inconsistent with their duties as trustees.

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Pitcher and Cordell, who spoke only to confirm their names and addresses, were granted conditional bail until April 16 when they are due before Southwark Crown Court.

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