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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”.

“A brazen shell game to deceive and hide assets

Last October Neville, a former director at Mallett and head of its New York branch, pleaded guilty to all criminal charges in a case described as “a brazen shell game to deceive and hide assets”.

He aided in the underestimating of the sales value of antiques to allow money to be kept rather than handed over to a court-appointed receiver.

To date, no criminal or civil charges have been filed against Mallett plc itself, but Stanley Gibbons says it is retaining the services of US legal counsel.