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Ex-restaurant boss spared jail 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 QCJudge 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 convictionThird 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.
Power's co-defendant, businessman Euan Carlisle, 48, had been cleared of eight counts of insider trading involving Belgo shares at an earlier hearing. A co-defendant, businessman Euan Carlisle, 48, had been cleared of eight counts of insider trading involving Belgo shares at an earlier hearing.
Outside court, Power, who is "currently in negotiations with a business in Miami", said: "I am pleased it is all over."
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."