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Four sentenced to 44 years, in total, for £160m financing fraud

10 February, 2017 | News Releases

George Alexander and Stephen Dartnell of Total Asset Limited, trading as Total Asset Finance (“TAF”), were both sentenced to 12 and 15 years respectively at Southwark Crown Court today.  Simon Mundy who worked for KBC Lease (UK) was sentenced to 7 years.  Carl Cumiskey of H2O Networks Limited (“H2O”) was sentenced to 10 years’ imprisonment. 

The four men had been found guilty by a jury, variously, of conspiracy to commit fraud and conspiracy to make corrupt payments.

Kerry Lloyd and Elfed Thomas who were also defendants in this case were found not guilty.

George Alexander, Stephen Dartnell, Simon Mundy and Carl Cumiskey were convicted on Tuesday, 7 February after a trial that lasted over five months.

His Honour Judge Gledhill QC said:

“The evidence against each of you was compelling. Not one of you has accepted dishonest involvement in these offences. Of course, you have each accepted that with hindsight that fraud was committed, but have sought to exonerate yourselves. One of the least attractive aspects of the case has been the attempts of each of you to blame others, including each other, for what happened.”

Count and sentence:

George Alexander – Guilty on two counts of conspiracy to commit fraud by false representation,

  • Count 1 –  8 years in prison 
  • Count 2  – 4 years to run consecutively

Stephen Dartnell – Guilty on two counts of conspiracy to commit fraud by false representation, one count of conspiracy to give corrupt payments,

  • Count 1 – 10 years in prison 
  • Count 2 –   5 years to run consecutively
  • Count 3 –  6 years to run concurrently to count 1

Simon Mundy – Guilty on one count of conspiracy to commit fraud by false representation and one count of conspiracy to give corrupt payments,

  • Count 1 – 7 years in prison 
  • Count 2 – 6 years to run concurrently

Carl Cumiskey – Guilty on two counts of conspiracy to commit fraud majority 10-2 on both counts,

  • Count 1 – 7 years in prison 
  • Count 2 – 3 years to run consecutively

Notes for editors:

  1. The jury reached their verdicts on 7 February 2017.
  2. The individuals first appeared at Westminster Magistrates Court on 9 January 2015 and the trial began on 5 September 2016 at Southwark Crown Court. The trial has lasted 5 months and 2 weeks.
  3. The case was accepted for investigation in October 2010. For more information on the charges see SFO news release here.
  4. The SFO was represented in court by:
    • David Aaronberg QC, New Bridge Street Chambers
    • Gareth Patterson of 6 KBW College Hill and Michael Bisgrove of 6 KBW College Hill
  5. The Judge’s sentencing remarks in full can be found below:

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