Banker who laundered himself a million gets five years

PAUL LUDDEN'S money laundering struck at the heart of the island's reputation, Judge Russell Finch said yesterday as he sentenced the former SG Hambros employee to five years in prison.

Banker who laundered himself a million gets five years

PAUL LUDDEN'S money laundering struck at the heart of the island's reputation, Judge Russell Finch said yesterday as he sentenced the former SG Hambros employee to five years in prison.

During yesterday's hearing, the Royal Court was told how Ludden, who had benefited by in excess of £1m. through his money laundering and wrongdoings, had a sudden realisation that he had been involved in crime at the end of a week-long trial.

Judge Russell Finch said that was very late on in the day for a man of Ludden's experience.

'It's high time you wised up,' said Judge Finch.

The 62-year-old had originally been accused of 11 counts of stealing £650,000, between 2000 and 2007, from his client's account, H. J. & C. Palmer, which was in the name of Harry Palmer and his son Colin Palmer.

It had been alleged that he spent the money on gifts, such as Rolex watches and a BMW car, for exotic dancers, and an engagement ring for his innocent son.

He denied the theft allegations and a 12th charge of disguising the proceeds of crime. Ludden had also denied an alternative count of money laundering but changed his plea on this count when all evidence had been heard.

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