Appeal blow to three former Jefferies bankers

Gavel

Three former Jefferies Group bankers convicted of using a film-investment scheme to cheat on their taxes were denied permission to ask a U.K. appeals court to reduce their prison sentences.

Bloomberg News reports that Hamish Maclellan, 44, former head of international equity sales at Jefferies, and ex-traders James Hyde and Phillip "Joe" Jenkins, 51, were sentenced to 4 1/2 years in jail in September 2015.

The men asked a London court Friday to allow them to appeal their sentences on the basis the trial judge had incorrectly calculated their culpability and harm - two of the benchmarks used in sentencing.

"They were highly intelligent men who were motivated by greed," said Judge Patrick Elias, rejecting the appeal. "The scheme was simply a criminal device from start to finish."

Hit the link below to access the complete Bloomberg News article:

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