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Nardi in custody after admitting £1m ABTA fraud
Former ABTA legal chief Riccardo Nardi was in custody today after he admitted defrauding the association out of almost £1 million.
Mr Nardi, who spearheaded Newman Street’s anti-fraud drive, pleaded guilty at Middlesex Guildhall Crown Court to 24 counts of procuring the execution of a valuable security by deception.
The court heard that between January 1995 and December 2002, Mr Nardi siphoned off £945,184 by paying money into two companies thought to have been set up by him – Blakes and Sunbeam Europe Holidays.
His wife Samantha pleaded not guilty to eight counts of assisting another to retain the benefit of criminal conduct. She is charged with “facilitating, knowing or suspecting” her husband was involved in the fraudulent transactions worth £264,000.
The couple will reappear at court on March 4, when Mr Nardi is expected to be sentenced.
Charles Ward-Jackson, representing Mr Nardi, said his client was aware he was facing a prison sentence.
“His guilty plea was indicated some weeks ago and for that he deserves maximum credit,” Mr Ward-Jackson said. “He recognises that he is bound to receive a custodial sentence of some length and he’d wish to start his sentence today.”
The first fraudulent payment, £6,820, was made paid to Blakes from a company called Travel Club California in January 17, 1995, the court heard. Other amounts transferred included £83,980 paid to Sunbeam Europe Holidays in February 2002, £176,220 paid to the same company in November 2002 and £96,246 paid to Blakes in December 2002.
Judge Derek Inman remanded Nardi in custody but deferred sentencing to March 4. He said it was “inevitable” he would face a custodial sentence.
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