Socialite bankrupt within year after assets frozen during money-laundering probe

Socialite James Stunt became bankrupt and shut himself away “like Howard Hughes” after his assets were frozen during an investigation into alleged money laundering, a court heard.

The former son-in-law of F1 tycoon Bernie Ecclestone is one of five men on trial over an alleged multimillion-pound scheme to turn criminal cash into untraceable gold.

Prosecutors say Stunt, 42, who was married to Mr Ecclestone’s daughter Petra for six years, allowed his prestigious Mayfair office to be used as “a trusted hub for money laundering” as part of the alleged network, which saw £200 million from the proceeds of crime laundered over two years.

Jurors have heard that between 2014 and 2016, cash was brought from all over the country to Bradford gold dealer Fowler Oldfield, Stunt’s business premises in London, and a Hatton Garden company called Pure Nines Ltd.

The defendants are accused of hiding the origin of the money by washing it through a company bank account and using the proceeds to buy gold, which was shipped to Dubai.

As Stunt’s defence case started on Tuesday, Leeds Crown Court heard that after an investigation into the alleged criminal network, a restraint order imposed by a judge in August 2018 froze “all (Stunt’s) worldly goods”.

Stunt confirmed when asked by his barrister Trevor Burke KC that he was given 28 days to disclose his worldwide assets to the court, which included eight cars, six properties, “money in various accounts in various parts of the world”, more than 100 works of art and £30 million in rare wines.

“Although I don’t drink it’s a great investment,” Stunt told the court.

Jurors heard that once Stunt made his disclosure all those items were “immediately frozen” and he was initially allowed £1,000 a week for living expenses.

Asked whether he was bankrupt within a year, Stunt said: “Yes, and I fought against it.”

Stunt said he “shut myself away” after 2018, by which time his brother Lee had died, his marriage to Ms Ecclestone had ended, his business had collapsed and his assets had been frozen.

He said by 2020: “Everyone was locked down but I had been doing lockdown before the pandemic. I was a bit like Howard Hughes, I never went out, I just stayed home.”

Stunt said he was raised by a wealthy family and that his father had made a fortune in the printing industry.

Jurors heard he was educated at private schools but had behavioural difficulties and was later diagnosed with attention deficit hyperactivity disorder (ADHD).

Stunt said he later attended Regent’s Business School, which he described as “a who’s who of multiple heads of state’s children” and “some children of oligarchs”, before embarking on his own business career.

Jurors were told Stunt met Ms Ecclestone in 2006, that the couple had a “society wedding” attended by royalty and movie stars in 2011, and had three children while living in Los Angeles before divorcing in 2017.

He told the court they had a prenuptial agreement “at my insistence” which would limit him to £16 million if they divorced.

Asked about his ex-wife’s personal wealth, Stunt said: “It’s staggering – her father is one of the richest men in the country.”

Asked by Mr Burke, Stunt agreed he had been “exceptionally close” to Mr Ecclestone but their relationship soured after the divorce.

“I don’t blame him. He’s a father and he’s going to side with his daughter,” he said.

Gregory Frankel, 47, Daniel Rawson, 47, Haroon Rashid 54, and Arjun Babber, 32, are also on trial at Leeds Crown Court charged with money laundering.

Opening the case to jurors in October, prosecutor Jonathan Sandiford KC said Frankel and Rawson were the owners of Bradford jewellers Fowler Oldfield, which had become the centre of a multimillion-pound money laundering operation by the time police intervened in September 2016.

The jury heard the “dirty money” was delivered by couriers to three sites – Fowler Oldfield, Stunt & Co and Pure Nines – before being paid into Fowler Oldfield’s bank account.

The defendants deny the charges and the trial continues.