Six people are to appear in court today over a pension fund and SIPP fraud which involved £75m being invested into storage units in the North of England and Scotland.

The six will make their first appearance in Westminster Magistrates’ Court this afternoon after being charged with a number of fraud-related offences by the Serious Fraud Office in July.

It is alleged that between 2011 and 2014, more than 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units sold by UK storage company Store First.

Store First was a storage pod investment scheme which was wound up in court in April 2019, according to Companies House records.

Investors were promised a long-term leasehold on a unit and a return on their investment generated by renting out the unit.

The SFO alleges 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 included offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving the money.

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 in July.

Stephen Michael Talbot was charged with money laundering. Additionally, Stephen Michael Talbot and Stuart Grehan were charged with Perjury Act offences.

A sixth defendant has also been charged with money laundering.