Sean Larkin QC acted for Tony Morris who was unanimously acquitted of allegations of defrauding pension funds of £52m.
The SFO alleged that Tony Morris, the former CEO of The Money Portal plc had corrupted a pension trustee into disinvesting £52m of pension funds from gilts and reinvesting the proceeds in "valueless" bonds underpinning various international investment schemes from Bangkok to Beverley Hills. The SFO had successfully presented those allegations against others in linked criminal trials. Similar allegations were advanced in civil litigation brought by Independent Trustee Services (Independent Trustees Services Ltd v GP Noble Trustees Ltd [2010] EWHC Ch) with judgment for the claimants.
Tony Morris’ defence involved a meticulous and considered response to the charges. This required a detailed analysis and explanation of the nature of the original pension investments, and pension trust deeds, whilst getting the jury to understand the creative proposals to repair pensions' deficits then widespread in the industry. The defence correctly defined the nature of the bonds and underlying investments, which (together with the use of offshore trusts to mitigate taxation) successfully disposed of the allegations. Tony Morris, when giving evidence, relied on the extensive professional advice and expertise he had received and sought throughout the whole process. There were unusual factual aspects to the case including the fact that his then lawyer had subsequently become the Chief Minister of Gibraltar. The Chief Minister gave evidence via video-link, in a case where he provided section 2 interviews, extensive witness statements and evidence in earlier criminal and civil proceedings.
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