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Former AIT directors ordered to compensate investors

The former chairman and chief executive, and former financial director of software firm AIT were ordered to pay compensation to investors at Southwark Crown Court on Friday.

Former chairman and CEO Carl Rigby was ordered to pay 208,796 in compensation to investors, 381,273 by way of compensation of assets and 250,000 towards litigation costs incurred by the FSA. Former financial director Gareth Bailey was ordered to pay 141,686 in compensation.

Rigby was sentenced to three years in prison and disqualified from being a company director for six years after being convicted of recklessly making a statement, promise or forecast that was misleading, false or deceptive. Bailey was convicted on the same count and imprisoned for two years, and disqualified from being a company director for four years.

Following the convictions, private and institutional investors who lost money after purchasing AIT shares on the basis of misleading information were invited by the FSA to apply to the Court for compensation. Private investors applied for compensation of 18,716 and institutional investors applied for 1,262,736.


Dalby moves to Norwich Union

Bates Investment Services head of investment research James Dalby is believed to be moving to Norwich Unions investment products team. Dalby, one of the UKs foremost investment commentators, will work with NUs fund managers and liase with fund managers externally to design and build investment products for the provider. An announcement is expected shortly.

Massow’s way out

I read with interest your articles about Ivan Massow. His beef appears to be that as he did his best by his clients and as the products he effected for them were – according to him – best suited to their circumstances, he should be let off and not subjected to a treatment he call […]

Triple alliance to raise EU up to UK compensation

The FSA, the Treasury and the Bank of England are forming an alliance to press for the European Union to raise compensation to UK standards. In a joint submission to an EC consultation on compensation in financial services, the three bodies say inconsistencies in consumer protection across Europe, with customers getting less protection than in […]

Investment View: FTSE loose and fancy free

You would have thought that now was the time to wax lyrical over something other than the UK stockmarket. Property, perhaps. Or alternative investments – surely becoming one of the most overused of terms.


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