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Norton Débacle

Discussion in 'Other Bikes' started by ibgarrow, Feb 7, 2022.

  1. The former owner of Norton Motorcycles, Stuart Garner, has admitted illegally using money from 3 pension schemes to invest in the business. Maximum penalty is 2 years in prison.
     
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  2. It seems extraordinary to me that the maximum penalty should be a mere two years (presumably that halves for good behaviour?).

    The whole thing stinks. The company appears possibly to have been set up using money loaned by a couple of now-jailed fraudsters who had defrauded HMRC in connection with "fictitious pension contributions", although Garner claims that he himself was in effect a victim of those same fraudsters: https://www.theguardian.com/busines...r-ordered-to-pay-back-missing-14m-in-pensions
     
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  3. An armed bank robbery is more honest.
     
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  4. Or in the case of pension plundering .....
    ..... at least have the grace to drown yourself when caught , whilst aboard a yacht called Lady G******
     
  5. Warning: If you are in one of the recently government encouraged "workplace pension schemes", you are equally at risk.

    Why?

    Because anyone can pretend they are an administrator and take custody of your savings.

    Most company bosses will not have a clue as it is not their money and they are obliged to set the scheme up by law.
     
  6. Crime pays.

    he has been given a suspended prison sentence of 8 months and a £20k fine for stealing pension monies.
    Let’s hope karma catches up with him as the law didn’t.
     
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  7. The law and justice have never been on the same page!!
     
  8. A bit out of context but to use part of what Mr Bumble stated in Dickens’ Oliver Twist, “the law is a ass”. Andy
     
  9. Jesus Christ. People have got that long for breaking the speed limit in heroic fashion
     
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  10. Same week in which a teenager got six weeks in jail for a tweet. The judicial system is broken.
     
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  11. It pays if it’s millions. If it’s £50 you go to jail. Look at the difference between those PO masters incorrectly accused and jailed (and no one at PO is going to jail for the cover up!) compared to not a day in chokey for this scumbag
     
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  12. It’s designed to protect the Rich and powerful and keep the masses under control. It’s not justice.
     
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  13. The man is a two faced c###, I was lucky enough to get my deposit back , but hundreds of people weren’t as fortunate as my self especially the people who invested their pensions. Let’s hope he gets his comeuppance.
     
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  14. Many lost everything. Their whole future pot. Some were retired and had to go back to work. And we’re not talking early retired: we’ll into 60’s and 70’s
     
  15. I was watching a movie the other day which was called "Man on fire" with the main character being played by Denzel Washington, it was about a kidnapping, but his close and personal friend played by Christopher Walken said to the police officer, you'll get more judicial in a weekend from this man than the department would get in ten years...bang on the world has fallen apart like a cheap tailored suit.
     
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  16. Only if they have paid back all the pension investors, every penny, and those who lost money buying their product. Otherwise, I hope they fail and the banks that back them lose millions.
     
  17. I think the pensioner liability lies with the previous owner whose conduct led to their losses. Like all other Garner creditors, you have to join the queue.

    I would hope TVS warranties the existing owners, like any other manufacturer.
     
  18. I don't think Norton's current owners, TVS, misappropriated the pension funds or kept Norton's previous customers deposits with no bikes, or stripped bikes in for service/warranty work, so not sure why they would be liable, especially if these liabilities clearly not included in the sale.

    I understand Stuart Garner received an 8 month sentence suspended for two years, for 'losing' £11m of peoples pensions. Not sure what, if any, punishment he received for the loss of all the govt handouts, and lost/unfilled deposits, and bikes lost when in for a service.

    A tad lenient IMHO, and perhaps this should be followed up in a 'proceeds of crime' stylee so he is not allowed to benefit financially from the failure of Norton under his ownership, and let the new owners and their approx 138 UK staff get on with building the business back up.

    If a new owner had to take on all existing pension liabilities, etc, then doubt there would have been a buyer, Norton would have gone and no one who paid a deposit would have got anything, apart from 3/10ths of bugger all from the receiver.
     
  19. From the article:

    "Norton Motorcycles have announced they are fulfilling the 29 outstanding orders for the Commando 961 Classic left over from the Stuart Garner era".
     
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