Wealthy resident admits £34m fraud
Tuesday 25th April 2006, 12:00AM BST.
A JERSEY 1(1)k resident has admitted misappropriating over £34 million belonging to a UK company and false accounting.
Gerald Smith, a property dealer who retired to live in the Island in 2000, has been under investigation by the UK Serious Fraud Office since 2002.
Yesterday in Blackfriars Crown Court Smith (51) pleaded guilty to ten counts of theft of a total amount exceeding £34 million from UK company Izodia plc and one count of false accounting.
Two counts of conspiracy to defraud and one count of using a false instrument contrary to the Forgery and Counterfeiting Act were dropped.
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