Regulation  

Fraudulent investment director ordered to pay £1.5m

A former director of investment firm Imperial Consolidated Group, convicted for his part in a global fund conspiracy, has today been ordered to pay a confiscation order of £1.5m, which will be paid in compensation to victims.

William Godley was convicted in 2010 for conspiracy to defraud in an international scheme that attracted over £250m from approximately 3000 investors.

The investors believed their money would be used to finance a commercial loans business from which they would gain interest, while it was actually being used to fund a lavish lifestyle, according to the Serious Fraud Office.

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Mr Godley was sentenced to three years and six months imprisonment and disqualified for acting as a company director for six years in August 2010.

Paul Wilson, SFO proceeds of crime investigator, explained that despite his guilty plea, this has been an extremely protracted legal process.

“If he does not pay, Mr Godley faces a further period of imprisonment and the SFO will take steps to enforce the order so that his victims can finally receive some compensation.”

Mr Godley was given six months to pay the confiscation and a three year sentence of imprisonment in default of payment.

peter.walker@ft.com