Monday 26th August 2019
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Comsure operates in:the UK, Jersey, Guernsey

Money laundering conviction as part of insider trading investigation

Following the lifting of reporting restrictions, the FCA has announced that Richard Baldwin, a luxury-watch dealer, has been convicted in his absence, for money laundering. Baldwin is the sixth person to be convicted as part of ‘Operation Tabernula’, the FCA’s biggest insider-trading investigation to date. He was convicted in July 2017 after absconding from justice during the proceeds.

Baldwin was convicted of dealing in criminal property between October 2007 and November 2008. He laundered £1.5 million, representing the proceeds of a profit from insider dealing in Scottish & Newcastle plc by Martyn Dodgson, a former managing director at Deutsche Bank and Andrew Hind, a former finance director at Arcadia Group’s Topshop.

Having received the money, Baldwin dissipated the majority of it using his other Panamanian companies and off-shore accounts. The offshore companies had the effect of concealing the true source of the funds.

Mark Steward, Executive Director of Enforcement and Market Oversight, said:

“‘This case demonstrates our determination to pursue not only those who commit insider dealing but those who are prepared to launder the ill-gotten gains from abusing our market. The case also sends a clear message that the FCA is determined to deprive criminals of the proceeds of crime. We are robust in monitoring Restraint Orders and will take action if breaches occur.”

A European arrest warrant has been secured for Baldwin, and the FCA has appealed for any details of his whereabouts.

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