In May 2017 the company updated investors and said that “Henry Neville, a New York-based former director of Mallett, was sentenced to two years’ probation and ordered to pay US$160,000 in restitution… following the sentencing of Mr Neville, the group is now pursuing the remedies available to it for recouping the losses suffered as a result of these matters.”
In the June 14 statement it said the matter has now been brought to a “full and final conclusion”.
Stanley Gibbons Group has been restructuring since Harry Wilson took over as chairman in May 2016 with a focus on reducing its debts.
The group has sold a number of subsidiaries, including its stake in art fair Masterpiece and auction housesDreweatts and Bloomsbury, and dealer Mallett to Gurr Johns.
The AIM-listed group now runs stamp business Stanley Gibbons, coin and medal dealer Baldwin’s and auction joint venture Baldwin’s of St James’s.