Richard Baldwin sentenced to more than 5 years in money laundering case

Pedro Gonçalves
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Richard Baldwin sentenced to more than 5 years in money laundering case

A luxury-watch dealer who laundered the proceeds of insider dealing through Panamanian companies and offshore bank accounts has been sentenced in absentia to five years and eight months in prison.

Judge Christopher Hehir sentenced Richard Baldwin after saying that the jeweler had been convicted on "compelling evidence" of "extremely sophisticated" money laundering, the Financial Conduct Authority, which prosecuted the case, said in a statement Tuesday.

The case was part of a wider insider-trading probe that resulted in the conviction of a Deutsche Bank AG broker. Baldwin was sentenced in his absence after he absconded from justice during his trial for money laundering in July 2017. The crimes took place between 2007 and 2008 and the verdict was delivered in July 2017, but could only be reported now after a court restriction was lifted, the FCA added.

Baldwin remains a fugitive. However, we will continue to pursue him to ensure he fully accounts for his wrongdoing and serves his sentence"

Mark Steward, executive director of Enforcement and Market Oversight, said: "Money-launderers compound the harm caused by crime by helping to cover up the offence and making it more difficult for victims to get the redress they deserve. Baldwin remains a fugitive. However, we will continue to pursue him to ensure he fully accounts for his wrongdoing and serves his sentence."

Within weeks of being notified of the order, Baldwin flew to Geneva twice and withdrew the equivalent of nearly 200,000 pounds ($240,000). The regulator said it would try to confiscate his proceeds in court.

An arrest warrant has been issued for Baldwin to be brought before the Court.

 

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