Following the sentencing of former Mallett director Henry Neville for his part in an embezzlement case in April, Stanley Gibbons says it is “pursuing remedies for recouping the losses suffered as a result of these matters”.
In the recent shareholder filing, Stanley Gibbons reiterates it did not know of the matter when it bought Mallett in 2014 and anticipates costs of £2m relating to the case.
On April 28 the US Department of Justice concluded its criminal prosecution surrounding Neville and a former Mallett client, Robert A Olins. Neville was sentenced to two years’ probation. He was also ordered to pay $160,000 “in restitution arising out of his dealings with the former client, the court-appointed receiver and the government’s investigation into his conduct”.