Jersey: USD 20 Billion. An Historic Result!
Last Updated: 29 December 2015

Bedell Cristin's Litigation Team, led by Partner David Cadin, secured the acquittal yesterday of an Italian lawyer, Antonino Siracusa, in what is probably one of the largest fraud trials, anywhere, ever.

Mr Siracusa was the first of three named Defendants on an indictment alleging conspiracy to defraud Nedbank Private Wealth Limited in Jersey of USD 20 billion. As the four week trial progressed, so too did the allegations against the Defendants, with the prosecution eventually asserting that the conspiracy concerned 19 separate amounts of USD 20 billion; or an astonishing USD 380 billion.

Although the Defendants never actually obtained any monies, this was a document-intensive case, of which one of the most intriguing examples was an "Infinite Bank Statement" apparently signed by amongst others, the Queen, the Pope and the President of the United States purportedly showing the existence of a bank account that would never ever run out of money!

According to David Cadin, "this was a particularly challenging case, not only because of the enormous amounts of money involved, the nature and extent of the documents but also as Avv. Siracusa could only speak and read Italian, so all material had to be translated into, and out of, Italian and English."

He added "What a great result for the team, and what a fantastic Christmas present for Avv. Siracusa!"

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