Tony Morris £52m GP Noble fraud trial begins

Prosecution counsel David Farrer QC said Morris and co-defendant Peter Malmstrom were key players in the two stage disinvestment of a total of £52m from a series of underfunded pension schemes. Many of the schemes were headed either towards the Pension Protection Fund or the Financial Assistance Scheme. The court today heard the first stage took place in June 2007, with a second "sweep" in April 2008. The cash was transferred first to UK bank accounts, then two British Virgin Island companies - Fareston and Multiple Unilateral Financial Futures (MUFF) established to handle the cash...