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Socialite James Stunt has told his money laundering trial that he would have prevented large cash transfers from taking place at his office in London’s Mayfair “if anyone had objected”.
Prosecutors questioned the former son-in-law of Formula 1 magnate Bernie Ecclestone on Friday after accusing him of being part of a scheme that allowed criminals to funnel more than £200m of “dirty money” into the banking system.
Jurors heard that between 2014 and 2016, Stunt had started a joint venture with Fowler Oldfield, a Bradford-based precious metals and jewelery dealer, which prosecutors said was a financial “gateway” for criminals.
Testifying at Leeds Crown Court, Stunt acknowledged allowing cash from Fowler Oldfield to be delivered to his office but insisted he had no knowledge of crime.
Jonathan Sandiford KC, for the prosecution, asked Stunt whether the sight of ‘men in helmets’ from security company G4S delivering ‘large sums of cash’ to his ‘luxury Mayfair office’ fit the image his company wanted to project.
Stunt said: “If anyone had objected that this was something unpleasant I would have closed [it] down immediately. . . There was no objection to this.”
When asked how he thought the money would be delivered, Stunt said: “It’s clearly not a garbage bag.” He added: “I don’t believe anyone would have come in as a hooligan.”
Stunt said he accepted that his company’s staff counted the money, but ‘it [the money] had nothing to do with Stunt and Co. It was Fowler Oldfield’s clients’ money.
He added: “I had a financial interest in the joint venture and I was willing to help.” But “I actually didn’t make any money [from it] – I lost money.”
Stunt, 42, who was previously married to Ecclestone’s daughter Petra for six years, is one of five people on trial for money laundering.
The Ecclestones are not defendants and are not accused of any wrongdoing.
Prosecutors allege the scheme allows unnamed criminals to bypass financial due diligence checks and hide the illicit sources of their money, most of which was used to buy gold.
Stunt has insisted he had no knowledge of money laundering and told jurors this week that at no point did he suspect he was entering into an agreement to facilitate such activity.
The defendants deny the charges and the trial continues.