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A former British tax adviser at broker dealer BGC Group who participated in a £ 24 million to cheat on the American company has received a 16 -month prison sentence after he had not paid any money back to his former employer.
A judge at the Supreme Court in London ordered Friday that Michael Viney would be locked up for ‘serious contempt’ after he turned out to have been used to use funds that should have been used to repay the American company.
BGC, which was led by billionaire Howard Lutnick before he became the American trade secretary this year, said it was the victim of a “massive” £ 24 million fraud committed by Viney and another British employee, Xavier Alcan.
The company accused Viney and Alcan of distracting payments intended between BGC and other legitimate sources, mainly HM Revenue & Customs, to bank accounts in other areas of law. The company reached a settlement with Alcan last year.
Viney previously admitted that he could pay BGC. He was told to repay around £ 24 million under the conditions of a judicial order in May 2022, according to a legal submission of BGC. He acknowledged last month that he had broken the order.
The court said on Friday that Viney had made false statements – including HMRC – and had proclaimed e -mails and created false documents as part of the fraud.
Viney had agreed to repay BGC, but later admitted three infringements of a judicial order, including by expelling part of the proceeds from a sale of real estate in Barcelona.
In a statement on Friday, Mr. Justice Dexter Dials said: “The behavior of the defendant comes down to great contempt for which the only suitable punishment is an immediate official term.”
He added: “The defendant’s behavior is far too serious to justify the suspension of custody.”
Ian Whitehurst, a lawyer who represents Viney, refused to comment.
This is a developing story