Ex-Electrical Co. Execs Ordered To Pay Up £7M In SFO Case

Law360, London (September 10, 2019, 7:23 PM BST) -- A judge in London on Tuesday ordered two men who fleeced investors out of almost nearly £80 million ($98 million) to pay back approximately £7.4 million, the only cash left from the fraud scheme after the former electrical wholesale executives blew most of the money on boats and cars.

Judge Michael Grieve approved a confiscation order against Michael Strubel for £2.13 million Southwark Crown Court, a day after ordering another defendant in the Serious Fraud Office case, Jolan Saunders, to pay £5,26 million.

The men, former executives at Saunders Electrical Wholesalers Ltd., were each given three months to come up with the cash,...

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