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.