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Court quashes confiscation orders of convicted AIT directors

13 July 2006  |  1291 views  |  0 Source: FSA

On 16 August 2005 Mr Carl Rigby and Mr Gareth Bailey were convicted of making a false and misleading statement to the markets.

On 11th November 2005, the judge made a confiscation order for Mr Rigby of £381,273.97 and a compensation order of £208,796, with an order to pay £250,000 towards prosecution costs. For Mr Bailey, the judge ordered confiscation of £106,572.53 and compensation of £141,686. Following a hearing on 25 May 2006, the Court of Appeal has today quashed the confiscation order. Mr Rigby's compensation and costs orders still stand. Mr Bailey's compensation order has been reduced to £35,114.

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