September 3, 2019

Prison sentence for Tabernula money launderer

Richard Baldwin, a businessman who ran a luxury watch business in London, was sentenced at Southwark Crown Court to 5 years and 8 months’ imprisonment for laundering the proceeds of a conspiracy to commit insider trading.  Baldwin, who remains at large, was convicted in July 2017.  He was found to have used a network of Panamanian companies, Swiss bank accounts and false invoices to conceal the source and launder the proceeds of secret dealing based on inside information from investment banks where Martyn Dodgson, who was convicted in 2016, worked.  

The case is part of Operation Tabernula, one of the UK Financial Crime Authority’s largest insider dealing investigations.  Six individuals have been convicted in connection with the investigation.

Baldwin’s sentence also includes punishment for breaching a restraint order issued to prevent him from disposing of his assets, based on evidence of his withdrawal and dissipation of the equivalent of over £196 thousand from Swiss and UK deposits.  In addition to seeking a warrant for his arrest, the FCA intends to pursue confiscation proceedings against Baldwin.