John Brian Sayers, 72, will not face prison for disguising his earnings from a large portfolio after a judge ruled a mental illness made him unfit to plead, the Evening Chronicle reported.
The trial of Sayers and his son, now in prison for transferring money by deception, engulfed the County Durham broker Steven Colwell, who spent seven years under investigation because of his connection to the family. Cleared of wrongdoing in two court cases, the experience had a devastating effect on his business.
Judge Guy Kearl said at Sayers’ trial: “This is not a conviction, this is a finding of the court that he has done the act.
“He has not been convicted and this is the most appropriate order. This is a supervision order on mental health provision to take the medication and undergo treatment with a psychiatrist.”
Prosecutors chose not to seek a retrial over allegations of a mortgage fraud that saw £700,000 enter his bank account after a jury was unable to reach a verdict. However, eight counts of fraud will lie on file and he is subject to a two-year supervision order to undergo treatment.
In December, Colwell spoke about his experience, saying: “For the last seven years my life has been a living nightmare. It’s had a devastating effect on my family, my health and my business.”
“I look forward to getting my life back on track after what has been a horrific time.”
