The building firm J and T Gizzi Builders Ltd, run by his parents John and Ruth Gizzi, must immediately hand over a building site at Gors Road in Towyn near Rhyl. On it are four new houses, valued at £333,000.The company was also ordered to pay the receiver £154,260, the defendant’s half share in a building on the West Parade at Rhyl where he planned to run a nightclub, but which was later sold on.
Gizzi, who is due to be released from prison on December 19, owned half that building, formerly known as The Corner Cafe, but his share from the sale was given to his parents, the judge ruled.Prosecutor Andrew Thomas QC said it was not suggested for one moment that the parents were involved in their son’s criminality and it was accepted they had run their businesses in a legitimate and successful way for many years.But between 2001 and 2005 they had become involved in financial dealings with their son at a time, it was now known, that he was involved in crime.Simon Killeen, for the parents, argued the defendant simply held legal title of the property in West Parade, holding his share in trust for his father.But the judge said he was satisfied the defendant had paid his share in cash from his various enterprises at the time and it was a “tainted gift”.The Gors Road development was transferred to Gizzi’s parents’ company for £45,000 following his arrest in 2005. It represented a much under-valued, tainted gift, the prosecution alleged.Mr Killeen argued it was his clients’ building company which had done all the construction work to the tune of £270,000 to the date of transfer from the son’s name, and a further £200,000 was spent to get the properties ready afterwards.
But the judge said that he was satisfied that it had been the defendant’s project which he had financed himself until his arrest and it had then been transferred to his parents’ firm as another “tainted gift.”THE receiver appointed to handle Gizzi’s financial affairs is selling his remaining un-sold property, including his former luxury home at Bronwylfa Hall, St Asaph, three of his four cherished number plates, his Rolex watch and other items.His barrister Duncan Bould told the court yesterday the hall was due to be sold this week.In March last year, Judge Rogers formally found Gizzi had a criminal lifestyle and that the benefit from his criminal conduct was £6.89m.
The judge ruled that if he did not pay then he would have to serve an additional eight years.The court heard Gizzi had agreed at an early stage that he would have to surrender all his assets, and included in the original figures were £1.75m for his home at Bronwylfa Hall at St Asaph, the proceeds from his other mortgaged properties, his £16,500 Rolex watch, and £45,000 for his four cherished number plates JDG one to four.His Bentley Continental was valued at £116,000, his Range Rover at £50,000 and his Mercedes at £5,000.Now Gizzi will return to Mold Crown Court before his release date so Mr Bould can argue that the original order against him made under The Proceeds of Crime should be substantially reduced in view of the down turn in the economy.