Ethics and governance in the European Financial centers

On 12th July 2006 the Monegasque Tribunal had found William Fogwell guilty of the charges against him in relation to the collapse of Hobbs Melville in 2000 and had sentenced to 5 years prison. He was also fined €500,000. Fogwell was not in court for the sentencing and an international arrest warrant was issued against him. He was a fugitive from justice. Shelley Fogwell, the 45-year-old daughter, was also convicted of fraud charges against her. She was sentenced to four and a half years in prison and fined €300,000.
Guillaume Losada, Shelley Fogwell's former boyfriend, and Jean-Christophe Moroni, a broker, were as well found guilty and jailed and fined €100,000. Patrick Grasset, another broker, was discharged and released.

The case is being judged at the court of appeal. William Fogwell surrendered a couple of days ago at the begining of the new trial. Both Fogwells and Jean-Christophe Moroni are appealing against their conviction of embezzling 175 million euros of investors' money. But there was a major dysfunction in the Justice of Monaco and the trial has been postponed by the court until 8 June. Lawyers on both sides are accusing the Principality of delaying the case deliberately, following suggestions that officials were aware of the fraudulent financial dealings

Know more (in French)

Article 1 from Le Figaro

Article 2 from Le Figaro

Website dedicated to the case