Michael McGrath, director of UMBS Online Ltd, defended by Tim Thomas of Lombard Chambers and Tony Shaw QC, was acquitted of two counts of money laundering and fraudulent trading after a three-and-half week trial at Southwark Crown Court. The prosecution by RCPO, known as Operation Tangelo 1, centred around the allegation that UMBS Online Ltd was the ‘bank of choice for MTIC fraudsters’ after the Dutch authorities closed down FCIB. UMBS Online Ltd, an unrepresented defendant at the trial, was convicted of fraudulent trading.

Stephan Alfred of Lombard Chambers successfully defended Karl Williams during a 5-week trial at Birmingham Crown Court. The case was the final chapter of a huge police operation in the Coventry area. The jury returned their not guilty verdict in the face of the Crown’s contention that Mr Williams had made full admissions during his police interview. Two other men were convicted.