Carlton Cushnie, former chairman and chief executive of the Versailles Group convicted in 2004 of defrauding investors in Versailles Traders Ltd/Trading Partners Ltd, has paid over £10 million in confiscation in one of the highest ever criminal confiscation orders ever satisfied.
Background
Carlton Cushnie (date of birth 23.08.50), a British national, was sentenced on 8 June 2004 at Southwark Crown Court by Justice Jackson to six years imprisonment for conspiring to defraud private investors (`traders') who provided monies to Versailles Traders Ltd (incorporated in the UK) and Trading Partners Ltd (incorporated in the British Virgin Islands). He was also then disqualified from acting as a company director for 10 years.
On 29 June 2005 a confiscation order of £10,140,732.00 was made against him and £10,140,720.00 was received by Her Majesty's Court Service (HMCS) on 9 November 2006.
The extent and whereabouts of benefit from crime, and the identifying of assets that could be realised in satisfaction of the confiscation order made against Cushnie were traced by SFO investigators with the assistance the London Regional Asset Recovery Team (RART). The order was largely satisfied by the sale of a villa (Villa L'Ecossaise) owned by Mr Cushnie on the outskirts of Saint Tropez. This villa was listed as owned by SCI Sacaleca, a French registered holding company owned by Mr Cushnie. Cushnie's lawyers arranged the sale of the villa in October 2006.
The amounts paid in confiscation to HMCS will be paid out in compensation to the victims of the fraud (who were essentially the `traders').
The SFO has a dedicated Asset Recovery Unit (ARU) headed by senior barrister Philip Mobedji, which was established two years ago for the purposes of restraint and confiscation. The SFO is committed to removing the ill-gotten gains from convicted fraudsters and will pursue them for the recovery of confiscation and compensation for their victims. In the last month the SFO has recovered over £13 million alone.
Serious Fraud Office
Elm House,
10-16 Elm Street,
London,
WC1X 0BJ
Tel. 020 7239 7000
Mobile 0777 616 0985
