Jail terms for AIT directors are slashed on appeal

Jail terms for AIT directors are slashed on appeal

After payment of fines totalling £982,000, Carl Rigby and Gareth Bailey have won their appeals for a reduction in their prison terms.

The two former directors of AIT, who were jailed for market abuse in October 2005, will now serve much reduced sentences. Rigby, who paid a fine of £840,000 in costs and compensation, will now serve 18 months, not three and a half years, Bailey who paid a fine of £142,000, will now serve nine months not two years.

Both are likely to be released by the summer of 2006 should they demonstrate good behaviour during their time in prison.

The case attracted attention because of the severity of the prison terms relative to other similar cases in the City.

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