Suspected criminality involves £75 million invested into storage units
The Serious Fraud Office has today charged multiple individuals with fraud related offences, following a complex investigation into the transfer of £75 million in pension funds into storage units based mainly in the North of England and Scotland.
Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) were charged with conspiracy to defraud. Stephen Michael Talbot was charged with money laundering. A sixth defendant has also been charged with money laundering. Additionally, Stephen Michael Talbot and Stuart Grehan were charged with Perjury Act offences.
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Between 2011 and 2014, over 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units sold by UK storage company Store First.
Investors were promised a long-term leasehold on a unit and a return on their investment through renting the unit out.
The SFO allege that misrepresentations were made in the marketing of the product, including that investors would receive a guaranteed return and that units were ready for people to rent.
Alleged misrepresentations also include offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving money out of their pension.
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Director of the Serious Fraud Office, Nick Ephgrave QPM, said:
The defendants are expected to appear at Westminster Magistrates’ Court on Thursday 21 August 2025.
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