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Arck LLP fraudsters ordered to pay £562,766

17 June, 2016 | News Releases

Richard Clay and Kathryn Clark, convicted of fraud and forgery charges last year, have been ordered to pay a total of £562,766.07 after they were handed confiscation and compensation orders for their roles operating Arck LLP and the creation and marketing of various unregulated financial products.

HHJ Loraine-Smith, sitting at Southwark Crown Court, ordered Clay to pay £344,244.07, £275,000 of which must be paid within 21 days and the remaining balance within three months. If he fails to do so, the Judge ordered that he must serve a default prison sentence of three years.

Clark was ordered to pay £178,522 in confiscation, all of which is payable to victims. The Judge ordered that Clark must pay £30,000 within 21 days and the remaining balance within 3 months or serve a default sentence of 18 months in prison. She was also handed a stand-alone compensation order of £40,000, which must be paid within nine months or a default prison sentence of six months will be imposed.

Clay is currently serving a prison sentence of 10 years and 10 months for his role as the directing force behind Arck LLP, defrauding investors of their money, pension funds and life savings. Clark was sentenced to two years in prison suspended for two years for her role in the scheme which included creating forged bank statements that were used to dupe investors who were concerned about their investments. Further details of their convictions and sentences can be found here.

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