Jailed FD's confiscation order quashed

Gareth Bailey, the former finance director of software firm AIT, and the first person to be convicted of criminal market abuse, has had his confiscation order quashed.

Bailey was found guilty last year of making a misleading statement to the Stock Exchange, an offence that can be prosecuted by the Financial Services Authority under the Financial Services and Markets Act 2000.

He was found guilty of 'recklessness' in claiming his company's profits would be in line with expectations.

Bailey was originally sentenced to two years' imprisonment, but that was reduced on appeal to nine months.

He was also given a confiscation order of £381,273.97 and told to pay compensation of £208,796.

But the FSA announced last month that the Court of Appeal had quashed the confiscation order and reduced the compensation payable to £35,114.

Orders against co-defendant Carl Rigby, Bailey's boss at AIT, still stand.

Rigby was sentenced last year to three-and-a-half years in jail, reduced on appeal to 18 months.

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