Rigby & Anor v R

Rigby & Anor v R

Temporary unrealised increase in share value is not a pecuniary advantage absent a sale; post-offence salaries and emoluments are not benefits obtained as a result of or in connection with the offence due to lack of sufficient causal link.

Source-derived case information.

Parties
Appellant: Carl Rigby; Appellant: Gareth Bailey; Respondent: The Financial Services Authority
Jurisdiction
England and Wales
Judgment Date
12 July 2006
Procedural Posture
Criminal Appeal / Judgment on Appeal Against Confiscation and Compensation Orders
Outcome
Appeals allowed; confiscation orders quashed in respect of salaries, emoluments, and notional share value increase.
Legal Topics
Confiscation Orders, Compensation Orders, Pecuniary Advantage, False and Misleading Statements, Employment Benefits
Criminal Law Financial Regulation Confiscation Orders Compensation Orders Pecuniary Advantage False and Misleading Statements Employment Benefits

Source-derived case record

Summary, issues, holding and outcome

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Parties

Carl Rigby

Appellant

Gareth Bailey

Appellant

The Financial Services Authority

Respondent

Procedural Posture

Criminal Appeal / Judgment on Appeal Against Confiscation and Compensation Orders

Legal Issues

  1. 1 Whether temporary unrealised increase in share value constitutes a pecuniary advantage under section 71(5) Criminal Justice Act 1988
  2. 2 Whether salaries and emoluments earned post-offence are benefits obtained 'as a result of or in connection with' the offence

Ratio Decidendi

Temporary unrealised increase in share value is not a pecuniary advantage absent a sale; post-offence salaries and emoluments are not benefits obtained as a result of or in connection with the offence due to lack of sufficient causal link.

Court Disposition

Appeals allowed; confiscation orders quashed in respect of salaries, emoluments, and notional share value increase.

Orders

  • Confiscation orders quashed for amounts relating to salaries, emoluments, and temporary share value increase.
  • Bailey's compensation order reduced to £35,114.