TWO men were found not guilty of conspiring to commit fraud after they sold around £1.2 million worth of shares in a bio-technology company.
Judge Neil Bidder yesterday directed a jury at Cardiff Crown Court to find Paul Dallimore, 61, of Wentwood View, Caldicot, and Alun Weeks, 61, of Heol Don, Cardiff, not guilty of one count of conspiracy to commit fraud.
This was after the defendants submitted a request to the judge, saying there was not enough evidence to convict them on the charge relating to them selling shares in bio-technology company Daval International between May 2008 and April 2009.
The prosecution alleged that the pair fraudulently sold shares in Daval International for £1,000, when in fact they were worth £450.
The judge said that while the prosecution case relied on the fact the defendants misled people, “a price is usually what is offered and paid”.
He said the pair simply offered shares at £1,000, with investors knowing their purchase was “highly speculative”.
The trial is now continuing on the two other counts the defendants are charged with.
These are another count of conspiracy to commit fraud and a count of carrying out an unauthorised business.
Proceeding
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