Princess fraudsters to repay over £300,000

Five men involved in a £1m fraud against Princess Yachts have been ordered to pay back more than £307,000, according to a report in The Plymouth Herald.

The men were involved in a multi-year scam that included overbilling the yacht builder for work that never took place. Former Princess Yachts facilities manager Glyn Thompson, his deputy Roger Truen, and outside contractors John Tinley and Michael Honey have been ordered by the Plymouth Crown Court to repay Princess or face jail.

According to the paper, Thompson made £636,945 after three years of defrauding Princess with a scheme that involved false invoices and shell construction companies. Some of the ill-gotten gains were shared jointly with his co-defendants.

Thompson is in prison on a five-year sentence. According to the paper, he spent most of the money on a Jaguar kit car, expensive watch, rented cars, holidays and rental homes. He has just over £8,000. Thompson was ordered to pay that amount or face five additional months in prison.

John Tinley and Michael Honey, who owned a building firm that participated in the fraud, were said to have made £507,873 jointly from the fraudulent invoicing process. The pair gave testimony against the others, so their prison sentences were suspended. Tinley was found to have no assets and was ordered to pay back a nominal £1. Honey was ordered to pay £151,295 for his share of a house. He will face two years in jail if he does not pay in three months.

Truen was found to have jointly benefited by £617,051, but his assets only amounted to £147,998. The judge ordered him to pay that amount or return to prison for two years.

The fifth member of the group, Darren Tallon, will be waiting to find out how much he will have to repay while valuations on two of his properties are made. Tallon’s case was adjourned until October 3.