James Stunt was cleared in the Fowler Oldfield gold trial. Others were convicted in the £200m money laundering case.
The jury declared Stunt, 43, not guilty. The case involved a £200 million money laundering network. This network operated for about two years.
Prosecutors said cash came from all over and went to Fowler Oldfield, a Bradford gold dealer, as well as Stunt’s London office. Another office in Hatton Garden was involved, Pure Nines Limited was the company there.
Defendants allegedly hid the money’s origins, laundering it through a company bank account. Then they bought gold which was shipped to Dubai.
Gregory Frankel, Daniel Rawson, Haroon Rashid, and Arjun Babber were also defendants. They were all found guilty of money laundering. Stunt and Rawson were present for the verdicts. The trial happened on Tuesday.
After the verdict, Stunt left the court and hugged his family and friends outside. Rawson cried after his guilty verdict and a dock officer comforted him.
Jonathan Sandiford KC said Frankel and Rawson owned Fowler Oldfield. It became a major money laundering hub, until police intervened in September 2016.
The jury learned that “dirty money” went to three places: Fowler Oldfield, Stunt & Co, and Pure Nines. Then it went into Fowler Oldfield’s bank account.
Fourteen cash couriers were already convicted of money laundering for delivering cash to Fowler Oldfield. Stunt was married to Petra Ecclestone for six years, divorcing in 2017.
Stunt claimed he didn’t suspect any criminal activity when he partnered with Frankel and Rawson. He told jurors he went bankrupt, and that his assets were frozen during the police investigation.
These assets included sports cars, multiple properties, and bank accounts around the world. Over 100 artworks and £30 million in rare wines were also included.
He stated that by 2020 he was already in “lockdown”, before the actual pandemic started. He said he was like Howard Hughes, never going out and just staying home.