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Southwark Crown Court jury acquits ex-Greenergy trader Rivera of fraud by abuse of position and money laundering in SFO secret-commissions case; costs application listed 3 July 2024

Published on: 01 July 2024

Published by a Law360 reporter
Legal News
Article summary

Former Greenergy trader Gianni Rivera was cleared of one count of fraud by abuse of position and one count of money laundering by jurors at Southwark Crown Court after five hours of deliberation

Rivera, 40, is scheduled to return to court on 3 July 2024 for a costs application. Prosecutors had alleged he inflated prices charged to his employer and siphoned off funds from numerous biofuel transactions he arranged for Greenergy, a leading supplier. According to the SFO, Rivera secretly agreed agents’ fees with Dutch biodiesel broker Cees Bunschoten by folding a commission into the price of each deal.

Taking the witness stand, Rivera insisted his dealings with Bunschoten were never concealed, and maintained the payments he received from a Dutch trader bore ‘no connection’ to the trades he executed on Greenergy’s behalf. In an email conveyed by his counsel, Jim Sturman KC of 2 Bedford Row, Rivera expressed gratitude to the jurors, adding he ‘had faith’ they would deliver the correct verdict...

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