Three men have testified in court on charges of duping investors into funding a fraudulent forestry operation. Ethical Forestry Ltd., which failed in 2015, had directors from Dorset: Stephen Greenaway, 45; Paul Laver, 44; and Matthew Pickard, 52.
According to allegations made at Westminster magistrates, they ran a Ponzi scheme in which money from new investors was used to pay out current investors.
The accused were given bail and told to appear in court on 26 July at Southwark Crown Court.
Two counts of conspiring to commit fraud by false representation and one count of operating a company intending to deceive are brought against all three.
The individuals allegedly plotted for seven years, according to the Serious Fraud Office, to provide returns on Costa Rican timber that had been harvested. Remanded on unconditional bail were Mr. Greenaway from Parkstone, Mr. Laver from West Parley, and Mr. Pickard from Lytchett Matravers.
SOURCE: BBC NEWS | JULY 4 2023
