Fund boss ‘stole £52m from OAPS’
A PENSION fund boss stole £52million to fund his lavish lifestyle, a court heard.
Tony Morris, 49, pocketed the cash to invest in Thai luxury resorts, online bookies and pay off his ex-wife, it is claimed.
Financial advisor Peter Malmstrom, 45, laundered millions taken from the GP Noble Trustees Ltd pension fund, Southwark Crown Court heard.
Morris ( above) stole £30million from the Nottingham based firm in 2007, then took another £22million from the same firm and a second trustee company called BDC in 2008, it is claimed.
Prosecutor David Farrar QC told the jury: “Large amounts of money disappeared not into investments for pensioners but into bank accounts controlled by the defendants and others or were used for Mr Morris’s immediate benefit.
“Mr Morris intended to use part of the funds for his own personal needs, such as settling his wife’s substantial claim in their divorce proceedings.”
Morris of Chiltern Polden, Somerset and Malmstrom of Fulham, southwest London deny charges. The trial continues.