<
p>A convicted former director has been ordered to pay a £1.4 million confiscation order.
William "Bill" Godley, former Director of Imperial Consolidated Group, was convicted in 2010 for his part in a global fund conspiracy, and sentenced to three and a half years in jail. Mr Godley was also disqualified from acting as a company director for six years.
The international scheme attracted over £250 million from around 3000 investors, who believed their money would acquire interest from being used to finance a commercial loans business.
The scheme involved sophisticated sales techniques by promising high return rates and ensuring their capital was protected. Money was to come in from overseas investors and be channelled into commercial lending in the UK.
However, an investigation by the Serious Fraud Office (SFO) in 2002 uncovered that the businesses which were due to generate profit from various consumer loan schemes, were making losses and were increasingly insolvent. Less than half of the invested money was loaned out by the UK businesses, and instead used to fund an extravagant lifestyle. At one point during the fraud, Mr Godley was paying himself a salary of up to £61,000 per month, net of tax.
Last Friday, Mr Godley was ordered to pay up £ 1,458,317.00 in the High Court, where all the money will be used to compensate the victims involved.
If the former Director does not fork out the money in six months, he could face a further three years imprisonment as punishment.
Commenting on the order, Paul Wilson, SFO Proceeds of Crime Investigator, said: "The Court found that Mr Godley had benefitted substantially from his criminality and the order made today reflects this.
“Despite his guilty plea this has been an extremely protracted legal process but the SFO is committed to ensuring that fraudsters do not benefit from their crimes.”
A convicted former director has been ordered to pay a £1.4 million confiscation order….
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