October 23 2014 Latest news:
Tuesday, August 12, 2014
The head of a notorious Clerkenwell crime family has failed in an attempt to have hundreds of thousands of pounds of debt written off.
Terry Adams, 58, was one of Britain’s most feared gangsters – but is now listed as “head designer” at fashion label N1 Angel.
He was ordered to pay £750,000 after pleading guilty to money laundering in 2007 but had asked to have the remaining balance of £653,947.74 reduced, claiming it was more than the sum of his assets.
However, a judge threw out the appeal on Monday due to evidence that Adams was still enjoying a lavish lifestyle of luxury hotels and private cosmetic procedures.
Nick Price, head of proceeds of crime at the Crown Prosecution Service (CPS), said: “Through a series of nefarious means, Terry Adams has consistently sought to hide the proceeds of his crimes.
“However, today’s judgment is proof of our determination to see that crime doesn’t pay and that those who seek to hide their wealth will be challenged and held to account.
“Mr Adams argued that he couldn’t afford to pay what he owed and yet his lavish lifestyle showed this was not the case.
Adams claimed he and his wife were living on expenses of £200 per week, paying rent of £250 and living on £23,000 to £24,000 a year.
But the court heard he and his wife still managed trips to the Royal Opera House, expensive meals out, spa memberships at luxurious hotels, high cost dental treatments and other treatments at private clinics.
In 2011 Adams was returned to prison for breaching a financial reporting order with a £7,500 facelift and expensive jewellery.
His fashion label, N1 Angel – which is run by his wife – is set to appear at London Fashion Week next month.
Should he fail to pay the balance of the confiscation order, Adams could face a further four years in prison.
Mr Price said: “I’m pleased that, presented with our carefully gathered evidence, the judge has decided that Mr Adams does, in fact, have the ability to pay and has assets that he has not put before the court. We will now work hard to ensure that Mr Adams pays his confiscation order.”