Less than a month after the scheme was established, Stanley filed a bankruptcy petition and received a bankruptcy order. Green was later appointed as sole trustee in February 2014.
Despite being disqualified as a trustee, the ombudsman found Stanley still had a “high level of involvement” after his disqualification.
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He named himself as trustee when registering the scheme in October 2013 with The Pension Regulator, and when executing certain loan agreements.
Following the outcome of the investigation, the trustees can appeal to the High Court.
ruby.hinchliffe@ft.com
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