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Insider dealer on the run following £1.5m laundering scheme

A man convicted of laundering the proceeds of insider trading by dealing in criminal property is on the run from authorities, the FCA has revealed.

The regulator says London-based Richard Baldwin was tried in absence as he absconded.

An arrest warrant has been issued in the UK, while a second European arrest warrant is also active.

Baldwin laundered a total of £1.5m between October 2007 and November 2008 – proceeds of a conspiracy to insider deal by Martyn Dodgson and Andrew Hind.

Dodgson and Hind were issued confiscation orders totalling £1.69m in May last year after the investment banker and accountant were handed 4.5 and 3.5-year jail sentences respectively in 2016.

Following the lifting of reporting restrictions on the case, the FCA says Baldwin used offshore companies, bank accounts and false invoices to affect the money laundering as part of the wider scam.

The regulator also brought contempt of court proceedings against Baldwin in relation to the breach of a restraint order in 2011. This had prevented him from any dealings enabling him to alter the value of any of his assets in England and Wales.

Money laundering probe targets £80m London properties

Baldwin admitted his contempt in November 2015.

FCA executive director of enforcement and market oversight Mark Steward says: “This case demonstrates our determination to pursue, not only those who commit insider dealing, but those who are prepared to launder the ill-gotten gains from abusing our market.

“It was a complex investigation involving the tracing of funds through layers of international banking transactions by offshore companies.”

Sentencing for Baldwin’s money laundering and the punishment for his contempt of court will take place in September.



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