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Ex-restaurant boss spared prison | |
(about 1 hour later) | |
A former multi-millionaire restaurant boss has been spared jail for two offences of insider trading. | A former multi-millionaire restaurant boss has been spared jail for two offences of insider trading. |
Tim Power, 43, from East Sheen in south-west London, had admitted leaking price-sensitive information about the sale of upmarket chain Belgo in 1997. | Tim Power, 43, from East Sheen in south-west London, had admitted leaking price-sensitive information about the sale of upmarket chain Belgo in 1997. |
The "mussels and frites" firm's former operations manager was given an 18-month jail sentence, suspended for two years at Southwark Crown Court. | The "mussels and frites" firm's former operations manager was given an 18-month jail sentence, suspended for two years at Southwark Crown Court. |
He was caught after his wife's lover "blew the whistle" on him. | He was caught after his wife's lover "blew the whistle" on him. |
At the time of the offences, Power had been married to Chantal Brenninkmeyer who was an heiress to the Dutch dynasty behind the C&A store chain, the court was told. | At the time of the offences, Power had been married to Chantal Brenninkmeyer who was an heiress to the Dutch dynasty behind the C&A store chain, the court was told. |
In what investigators described as a "love triangle", her lover - a man named Tim Lowe - informed the Stock Exchange of Power's actions. | In what investigators described as a "love triangle", her lover - a man named Tim Lowe - informed the Stock Exchange of Power's actions. |
The former Department of Trade and Industry (DTI) launched a lengthy investigation and secretly recorded some of Power's conversations. | The former Department of Trade and Industry (DTI) launched a lengthy investigation and secretly recorded some of Power's conversations. |
Judge James Wadsworth QC described the offences as a "grave breach of trust". Matters were made worse because you did it on two separate occasions in respect of two quite separate items of knowledge Judge James Wadsworth QC | Judge James Wadsworth QC described the offences as a "grave breach of trust". Matters were made worse because you did it on two separate occasions in respect of two quite separate items of knowledge Judge James Wadsworth QC |
He had been told that Power first broke the law when he revealed that Lonsdale Holdings was to pay £9.8m to become Belgo's new owner. | He had been told that Power first broke the law when he revealed that Lonsdale Holdings was to pay £9.8m to become Belgo's new owner. |
When the takeover became public knowledge, Lonsdale's shares quickly rose in value. | When the takeover became public knowledge, Lonsdale's shares quickly rose in value. |
A few months later, Belgo decided to take over three other upmarket London restaurants - Daphne, The Collection and Pasha. | A few months later, Belgo decided to take over three other upmarket London restaurants - Daphne, The Collection and Pasha. |
Again, prosecutors said, Power disclosed what was going on, this time causing Belgo's share value to climb. | Again, prosecutors said, Power disclosed what was going on, this time causing Belgo's share value to climb. |
Judge Wadsworth told him: "Matters were made worse because you did it on two separate occasions in respect of two quite separate items of knowledge. | Judge Wadsworth told him: "Matters were made worse because you did it on two separate occasions in respect of two quite separate items of knowledge. |
"It is fortunately a rarely prosecuted offence, but the guidance I have makes it very plain that the sentence is inevitably one of imprisonment." | "It is fortunately a rarely prosecuted offence, but the guidance I have makes it very plain that the sentence is inevitably one of imprisonment." |
However, the judge said "exceptional circumstances" meant he could suspend the sentence, meaning Power will only serve the term in jail if he gets into trouble during the two-year suspension. | However, the judge said "exceptional circumstances" meant he could suspend the sentence, meaning Power will only serve the term in jail if he gets into trouble during the two-year suspension. |
These circumstances were that the DTI had allowed the investigation to remain "fallow" for three years, giving Power a "reasonable expectation the matter was going no further" and that he had already served 163 days in custody while waiting for his trial. | These circumstances were that the DTI had allowed the investigation to remain "fallow" for three years, giving Power a "reasonable expectation the matter was going no further" and that he had already served 163 days in custody while waiting for his trial. |
Third conviction | Third conviction |
He added that, in addition to the suspended sentence, the defendant would be disqualified from being a company director for six years. | He added that, in addition to the suspended sentence, the defendant would be disqualified from being a company director for six years. |
A co-defendant, businessman Euan Carlisle, 48, had been cleared of eight counts of insider trading involving Belgo shares at an earlier hearing. | |
Power, a former barman who climbed the ranks and once boasted he would be "bigger" than restaurateur Sir Terence Conran, regularly rubbed shoulders with pop stars, footballers and tycoons. | Power, a former barman who climbed the ranks and once boasted he would be "bigger" than restaurateur Sir Terence Conran, regularly rubbed shoulders with pop stars, footballers and tycoons. |
In 2001, he was sentenced to 120 hours of community service for failing to register a personalised number plate spelling 'P9WER' on his £70,000 Ferrari. | In 2001, he was sentenced to 120 hours of community service for failing to register a personalised number plate spelling 'P9WER' on his £70,000 Ferrari. |
The following year he was given two years' jail for theft and obtaining money by deception. | The following year he was given two years' jail for theft and obtaining money by deception. |
Power's barrister Jonathan Goldring told the court his client was no longer the man he was in 1997 when he was part of a "culture of partying and a lot of international travel". | |
"Now he is broken, he is single, he is unemployable and he is a convicted criminal," he said, adding that Power had struggled to deal with the emotional aspects of the case | |
In a statement read to the court, Power described 1997 as a "desperately unhappy time in my life". | |
"I discovered my wife of eight years was cheating on me. My life was thrown into absolute turmoil," he said. | |
Outside court, Power, who is "currently in negotiations with a business in Miami", said: "I am pleased it is all over." |
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