Times: Rich List tycoon sent to jail after $175m fraud - Spear's Magazine

Times: Rich List tycoon sent to jail after $175m fraud

A business tycoon who made it on to the Sunday Times Rich List faces up to 14 years in jail after being convicted of a $175million (£111million) Wall Street share fraud.

A business tycoon who made it on to the Sunday Times Rich List faces up to 14 years in jail after being convicted of a $175million (£111million) Wall Street share fraud.

Trevor Baines, 69, collapsed in the dock yesterday as a guilty verdict was delivered at the courthouse in Douglas on the Isle of Man. He was taken to hospital later.

He and his wife, Wendy, 50, had been accused of taking part in a money laundering scam, involving false accounting and artificially inflated share prices.

Last year he was ranked 349th on the Rich List, alongside the rock stars Eric Clapton and Phil Collins, with an estimated £130 million fortune built up from his trading and private banking operation. His wealth was made mainly through his property empire but he is also understood to have been one of the early investors in the Miss World franchise.

To read the full story, visit timesonline.co.uk



 

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