Operation Hazel
In May 2017, the SFO announced an investigation, codenamed Operation Hazel, into a suspected fraud involving multiple pension schemes.
The SFO is investigating the Capital Oak Pension scheme, Henley Retirement Benefit scheme and Self-Invested Personal Pensions (SIPPS) sold through Sycamore Crown Ltd, Jackson Francis Ltd, TPS Land, CLP Brokers or PFR Services, which were invested into storage pods. The investigation includes the Trafalgar Multi Asset Fund which invested in other products.
Case timeline
30 Jun 2024 – Second investor questionnaire closed. The SFO continues to contact investors if more information is required.
18 May 2021 – SFO asked investors in the schemes listed above to complete a second questionnaire.
22 May 2017 – SFO investigation announced. SFO asked members of the public who invested in the above schemes between 2011 and 2017 to complete a questionnaire.
See our past press releases under “News” on the SFO’s National Archives page.
Information for investors
Questionnaire
The SFO would like to thank those investors who have already completed the investigation questionnaire, which has now closed. The SFO will contact you if we require more information from you or would like you to provide a witness statement. In the meantime, please retain any correspondence and documents you hold in respect of your investment.
Contact by companies offering compensation or redress
You may be contacted by companies that approach you with offers of compensation or redress. The SFO believes this may be an attempt to obtain upfront fees or personal details from you. We urge caution if contacted in this manner and advise not providing any personal details unless you are fully satisfied of the identity of the person you are speaking to.
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.
Frequently asked questions
What is the current stage of the investigation?
The SFO’s investigation remains ongoing.
How long will this investigation take?
The SFO takes on only the most complex cases of economic crime. Our investigations involve reviewing large volumes of potentially evidential material and working across multiple jurisdictions, meaning they can take a number of years.
When should I contact the SFO?
If we need to speak with you, we will contact you directly. Please only contact us if your personal contact details have changed and you need to update these, or if you do not wish to be contacted further by the SFO. You can do this by contacting hazel@sfo.gov.uk.
What should I do with documents relating to my investment?
Please retain ALL documents, including both hard copy and electronic correspondence you have in relation to any investment(s) associated with this investigation, and make sure to keep this material safe. If we would like to review this material, our case team will contact you directly to arrange a secure way of collecting this from you.
As a creditor, am I likely to get money back from the liquidators?
The liquidators, as part of their statutory duty, may distribute monies to creditors as assets are sold and funds raised. Creditors are considered to be any business or individual left with unpaid debt due to a company’s collapse.
Is the SFO involved in any civil proceedings?
We are aware of recent civil court proceedings between the liquidators of the Trafalgar Multi Asset Trading Company Limited and others. This is independent of the SFO’s ongoing criminal investigation into the Trafalgar Multi Asset Fund and does not impact on our investigation. Doran and Minehane are the liquidators for the Trafalgar Multi Asset Fund and they can be contacted for further information if you believe you may be affected.
Will I get all my investment back?
In the event that individuals are charged and convicted, the SFO aims to recover the proceeds of crime so victims can be compensated for their losses where possible. It is important to note that we may not be able to recover all losses and any monies paid as compensation will be paid incrementally as assets are realised. Please note that any compensation or pay-outs already received would be taken into account. Monies may be paid out by the liquidators if you or your pension fund is listed as a creditor. Please check with the relevant liquidators. If you made your investment through a registered Independent Financial Advisor (IFA) you may be able to make a claim through the Financial Services Compensation Scheme (FSCS). Please visit the Financial Services Compensation Scheme website for more information – www.fscs.org.uk.
Should I be sharing my information with other investors?
We appreciate that there are a number of investor support networks and groups available online. The case team advises you do not share any personal information on these forums as fraudsters may be able to obtain these details and use this information to target you. This can also prejudice the investigation and may compromise you as a witness. For more information, please visit Get Safe Online (https://www.getsafeonline.org/).