The appellant, a former senior officer and director of a publicly held waste management firm, appealed his convictions for fraud over $5,000 and his sentence of eight years' imprisonment, a US $17.9 million restitution order, and a US $15.5 million fine in lieu of forfeiture.
The convictions arose from his undisclosed involvement in copper trading transactions that diverted millions of dollars from his employer to companies he controlled.
The Court of Appeal dismissed the conviction appeal, finding no errors in the trial judge's instructions on the duty to disclose, responses to jury questions, or the overall balance of the jury charge.
The sentence appeal was also dismissed, with the Court affirming the fitness of the sentence and the appropriateness of the restitution and fine orders, subject only to a clarification that restitution payments would be credited against the fine to prevent double recovery.