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Multi-Million Pound Fraud Investigation

On Wednesday 24 April 2019, 59 year old Russell Stephen King was sentenced to six years in prison and a ten year disqualification order (article 78 of the Companies (Jersey) Law, after he pleaded guilty to offences of fraudulent conversion. Following a lengthy and complex investigation involving evidence gathering and assistance from multiple jurisdictions, King was indicted on 25 counts of fraud and larceny offences which included the attempted fraudulent sale of the Belgravia Financial Services Group.

King admitted that following the death of his former business partner, the Director of the Belgravia Group, Duncan Hickman, he arranged for the transfer of £671,312 from company accounts for his own benefit. He further admitted to the sale of £68,934 of his late partners assets to the detriment of a local finance company.

The investigation, initiated by the Jersey Financial Services Commission, involved Officers from the Joint Financial Crimes Unit working with the assistance of the Law Officers Department gathering evidence from a number of jurisdictions including Bahrain, Guernsey, Switzerland and the United Kingdom, in order to build a compelling case.

King was residing in the Kingdom of Bahrain up until last year, and following lengthy extradition proceedings involving the States of Jersey Police Joint Financial Crime Unit and the Law Officers’ Department working closely with the National Crime Agency, Interpol, the Metropolitan Police, and the Jersey Financial Services Commission he was brought back to Jersey in August 2018 to face justice.

The assistance provided by Interpol, the National Crime Agency, The Metropolitan Police extradition team and the Kingdom of Bahrain was essential in securing Mr King’s return to the Island. This result sends a clear message to those seeking to take advantage of the Islands financial services industry for criminal gain, that law enforcement and the judiciary will bring them to justice.

 

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