Greek businessman Achilleas Kallakis, known on the international poker circuit as ‘The Don,’ had his U.K. jail term for fraud increased to 11 years by an appeals court, in a victory for prosecutors who said his sentence was too lenient.
Kallakis and conspirator Alexander M. Williams used “determination and audacious dishonesty to commit a commercial fraud with international proportions,” Judge Christopher Pitchford said in a ruling increasing the sentence.
Kallakis, 44, was imprisoned for seven years in January when he was convicted of tricking banks including Allied Irish Banks Plc (ALBK) into lending as much as 740 million pounds ($1.1 billion) and using the money to pay for trophy property, private planes, a yacht in Monaco, luxury cars, helicopters and artwork.
Corker Binning, the law firm representing Kallakis, didn’t immediately respond to a phone call seeking comment.
The Court of Appeal also took a year off the 13-year term handed to Nicholas Levene, an investment manager jailed in 2012 after investors lost about 100 million pounds in his Ponzi fraud.
The appellate judges, who were asked to clarify sentencing rules for fraud-related offenses, said there wasn’t a need to review existing guidelines.
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