Gibraltar lawyers go to jail over £40m fraud
The three brothers who ran collapsed law firm Marrache & Co have been sentenced for their part in a scam which saw clients losing £40 million.
One of the longest and costliest trials in Gibraltar has seen three brothers at the helm of one of the largest law firms in the jurisdiction jailed for fraud. Marrache & Co went into liquidation four years ago after the brothers were arrested on charges of false accounting. Managing partner Benjamin Marrache and finance director Solomon Marrache were found guilty of two counts of conspiracy to defraud millions of pounds from clients of the collapsed firm and sentenced to 11 years imprisonment and seven years respectively. Isaac Marache, who was senior partner at the firm's London office, was found guilty of one count of conspiracy to defraud and jailed for seven years.
The liquidator Adrian Hyde of Chantrey Vellacott said in a statement that clients had been defrauded of around £40 million and that his company alongside PWC would try to recoup the firm's assets. Source: Accountancy Age