Ethical Forestry Limited
The SFO launched an investigation into suspected fraud at Ethical Forestry Limited, an allegedly fraudulent tree-based investment scheme, in 2017.
On 14 June 2023, the SFO charged former directors of the company, Matthew Pickard, Stephen Greenaway and Paul Laver, with two counts of “Conspiracy to commit fraud by false representation”, contrary to section 1 of the Criminal Law Act 1977 and one count of “Fraudulent trading”, contrary to section 993 of the Companies Act 2006.
Case timeline
16 January 2026 – The defendants pleaded guilty to fraudulent trading. The sentencing is expected in May 2026.
28 Mar 2025 – All three defendants plead not guilty to all charges at Southwark Crown Court.
26 Jul 2023 – Matthew Pickard, Stephen Greenaway and Paul Laver appeared at Southwark Crown Court for a first hearing. A trial has been listed for early 2026. The SFO will be in contact with individuals who have provided a witness statement in this matter.
28 Jun 2023 – Matthew Pickard, Stephen Greenaway and Paul Laver – attended their first hearing at Westminster Magistrates’ Court.
14 Jun 2023 – Former Directors of Ethical Forestry Limited, namely; Matthew Pickard, Stephen Greenaway and Paul Laver, are charged with the following offences:
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Two counts of “Conspiracy to commit fraud by false representation”, contrary to section 1 of the Criminal Law Act 1977.
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One count of “Fraudulent trading”, contrary to section 993 of the Companies Act 2006.
8 Mar 2017 – SFO investigation announced. The SFO, in conjunction with Dorset Police, has executed search warrants at three addresses.
See our past press releases under “News” on the SFO’s National Archives page.
Information for investors
Investors Questionnaire to Complete
Following on from the three defendants pleading guilty to fraudulent trading, the SFO will now look to recover assets from the convicted defendants. If you are a victim who invested monies into this scheme and wish to be included on the compensation schedule, we invite you to click on the link below and complete the questionnaire by 10th April 2026. Victim’s responses will be collated, and the information will be provided to the judge to consider making a compensation order at a later hearing.
Please be aware that any compensation order the court may make will not recover all of your investment. Any compensation due may well be paid piecemeal as the funds are recovered.
Questionnaire for Ethical Forestry Ltd. Victims
We understand you may already have completed a questionnaire; however this questionnaire is separate and gathers different information, which is why we are inviting you to complete it.
We thank those investors who completed an earlier questionnaire during our investigation and ask that you please retain any correspondence or documents you hold in respect of your investment.
Please do not forget to update us if your contact details change.
Should you have any queries or require assistance completing our questionnaire, please contact us at ethical@sfo.gov.uk who will be happy to assist.
Compensation
Investors who meet certain criteria may be able to claim compensation from the Financial Service Compensation Scheme (“FSCS”). For further information please visit the FSCS website.
Support for victims and witnesses
If you have been impacted by this case and need support, please see this page for information on support services available to you.
Updates to this page
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Changed the Investors Questionnaire to Complete details.
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The defendants pleaded guilty to fraudulent trading. The sentencing hearing is expected to occur in May 2026.
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Timeline updated with not guilty pleas.
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First published.