Disgraced Richard Arthur, the former managing director of Jersey-based accountancy firm BDO, could be ordered to pay its victims £740,000, after defrauding elderly Islanders out of millions of pounds to pay for lavish holidays, a London flat and a Formula One car.
Arthur was jailed in July 2018 for seven years after being found guilty of committing ten counts of fraud between 2002 and 2009. This week appeared before the Superior Number of the Royal Court for a confiscation hearing, the Jersey Evening Post reports.
Crown Advocate David Hopwood is seeking a confiscation order of £740,000, adding that the jailed accountant had ultimately benefited from his crimes to the tune of £2,967,370.79.
Hopwood admitted that there were "insufficient realisable assets" to compensate all of the complainants.
Arthur's lawyer said that after the accountant was banned by the JFSC from working in Jersey's finance industry, he could no longer support his family financially and the £3.4m family home was seized.
Advocate Stephen Wauchope, representing Catherine Arthur, the defendant's wife, said that his client had been forced to pay off debts - which were accruing around £50,000 of interest each year - caused by Arthur's scam.