ONE OF GIBRALTAR’S biggest and most complex fraud trials has ended up with family members jailed.
Managing partner Benjamin Marrache and finance director Solomon Marrache, of law firm Marrache & Co, were found guilty of two counts of conspiracy to defraud millions of pounds from clients of the collapsed firm. Benjamin Marrache was sentended to 11 years imprisonment and Solomon Marrache to seven years.
Isaac Marrache, senior partner at the firm’s London office, was found guilty of one count of conspiracy to defraud and jailed for seven years.
Co-defendant Leanne Turnbull, a former employee, was found not guilty of both counts.
Marrache & Co was handed over to joint liquidators from Chantrey Vellcaott and PwC in 2010.
“This has been a massive case for Gibraltar – one of the biggest, and certainly the longest it has ever seen,” said Adrian Hyde, insolvency partner who works out of Chantrey Vellacott’s London office and is joint-liquidator of Marrache & Co.
“The sentencing sends out a very strong message that any dishonest conduct which affects Gibraltar’s financial community and reputation will not be tolerated. The conviction is a testament to the development of Gibraltar into a sophisticated financial business centre with the legal and regulatory infrastructure which that requires.
“As far as the liquidation is concerned the appointment has involved many months of full time investigation into the affairs of Marrache & Co and its subsidiaries in Gibraltar and London and we continue to attempt to recoup the assets of the company.”
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