More than 200 people who invested in three Norton pension schemes over a decade ago are finally set to receive compensation for their losses. The total amount awarded is £9.8 million.
According to MotorcycleNews, it is estimated that 227 investors collectively put £11 million into the Dominator 2012, Commando 2012, and Donington MC pension schemes. These investors contributed their money in exchange for preference shares in the business, issued by Norton Motorcycle Holdings Ltd, where Stuart Garner, the then-owner of Norton, was a director and majority shareholder.
In 2020, the company went into administration, and in 2022, Garner was sentenced to eight months in prison, suspended for two years, due to illegal activities related to these pension investments.
Now, the victims have finally received their compensation of £9.8 million. Sara Protheroe, Chief Customer Officer at the Fraud Compensation Fund, commented: ‘We’re very pleased that scheme members’ hard-earned pension savings have been rightly restored’.