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Author [ES] [MY] [PL] [PT] [IT] [DE] [FR] [NL] [DK] [NO] [GR] [TR] Topic: Norton goes into administration  (Read 542 times)

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Online Mike_B

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Re: Norton goes into administration
« Reply #10 on: 01 February, 2020, 09:36:21 AM »
Aside from the taking of deposits for bikes they couldn't get parts to build, the pension funds are probably the most serious thing.   Seems like someone set up a fund and marketed it for people to put money into as a pension, but only invested it in Norton stock.   Whilst taking a heavy commission for doing so.  This wasn't a pension fund for Norton staff as such, but was essentially a way of taking people's intended retirement savings and pumping it into Norton by buying it's shares.   And the guy behind it was operating under a false name (thus hiding a prior conviction for fraud) and apparently not making it entirely clear what this was for.   That's full-on fraud, not just mismanagement or unfortunate timing of a tax bill arriving.