The defendants appealed confiscation orders. They had issued misleading company forecasts, as a result of which the value of their shareholdings rose briefly. After the discovery of the offence the company became insolvent, and the defendants were employed to help manage the orderly winding up of the company.
Held: The assets recovered were not derived from the criminal activity but were only indirectly connected. Similarly the order could not be based upon a temporary increase in the share price which was no longer reflected in the price at the time of the trial.
Judges:
May LJ, Rafferty, J, Diehl QC J
Citations:
[2006] EWCA Crim 1653
Links:
Jurisdiction:
England and Wales
Criminal Sentencing
Updated: 11 September 2022; Ref: scu.243071