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BUSINESSMAN Gerald Smith, whose portfolio of companies included Worksop-based transport
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operation Seafield, has been jailed for eight years for his part in a i34rn fraud.
At a sentencing hearing at Cambridge Crown Court on 11 September, the fraud at software firm Izodi a was described as "complex and brazen". Smith had earlier pleaded guilty to 10 counts of theft and one of false accounting.
He owned what was then called Seafield Holdings through his Jersey-based firm Orb Estates. Both these firms went into administration when the Serious Fraud Office began investigating Orb in 2003.
Scofield Holdings was bought by its current owners and renamed Seafield Logistics (CM 31 July 2003).
Sentencing Smith. Judge George Bathurst-Norman said he had diverted money from Izodia through Orb, where it was used to make interest payments on property deals elsewhere in the group.