How is it in this day and age with all these checks that are in place that he can have my money – basically take my money – and not give it back and there be no penalty to him?”įurther questions are sure to be asked about how Norton reached this point, and how millions of pounds of taxpayer money was staked on the firm. She said: “I think has behaved atrociously.
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Lengthy delays in promised deliveries of Norton motorcycles – which can cost as much as £44,000 each – despite customers saying they had paid deposits and sometimes even the full purchase price.Ī £1m loan received by the motorcycle firm in 2008, that came directly from the proceeds of a tax fraud, for which two longstanding Norton associates were convicted in 2013.Įlizabeth Pitcairn, a 55-year-old former HBOS bank worker from Cowdenbeath in Scotland, claims Garner has missed his own deadlines to return her £56,000 pension pot, in a saga that has dragged on for almost a year. Millions of pounds in government-backed loans and ministerial endorsements were given to Norton, which enhanced the credibility of the firm and its owner. He insists he too is a “victim” and that he thought he had longer than five years to pay the money back.Īn investigation by the Guardian and ITV News has also found:ĭozens of pension holders are now accusing Garner of ignoring repeated requests to return their pension pots – years after the lock-in periods that prevented them from accessing their money have passed. Garner has said he had no idea the funds had been raised fraudulently when he accepted them. Their money was then locked up for five years into three new pension plans controlled by Garner – where the cash was invested in just one asset: Norton shares. Those savers had been persuaded by a conman to transfer their retirement funds out of conventional pension plans during 20. He pledged to return the marque to former glories that include a racing tradition dating back to winning in the first Isle of Man TT race.Įven before this week’s collapse, the businessman was being pursued by dozens of “ordinary working people”, some of the 228 savers whose pension pots added up to the £14m that was invested into Norton following a fraud. Garner bought the Norton brand in 2008, after it had been under US ownership and had ceased producing bikes.
Reg Armstrong, winner of the Isle of Man TT in 1952, takes a corner on his Norton.
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