Fugitive Jeweler Convicted of Money Laundering in U.K.
12 Jul 2019

A fugitive luxury jeweler, who was initially dropped from the U.K.’s high-profile Tabernula insider-trading case because he was too ill, was convicted of laundering the proceeds of the scheme with the help of offshore companies and false invoices, the financial regulator said.

Richard Baldwin set up a company in Panama with a bank account in Zurich to launder 1.5 million pounds ($1.9 million) in profits from the insider-trading scheme, the Financial Conduct Authority said Thursday in a statement. He provided his bank with false invoices to explain why he received the funds and then dissipated most of the money through a series of offshore companies, it said.

Baldwin absconded and was tried in his absence, the FCA said. The crimes took place between 2007 and 2008 and the verdict was delivered in July 2017, but could only be reported now after a court restriction was lifted, the FCA said. A judge will sentence Baldwin, who is now the subject of a European Arrest Warrant, in September, the agency said.

By Franz Wild, Bloomberg, 11 July 2019

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FCA: Richard Baldwin conviction for money laundering revealed after reporting restrictions lifted

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