Cosmo Budd, 25, was sentenced in December 2021 to three years and nine months in prison after pleading guilty to money laundering and class A drug supply charges.
He had been arrested a year before at a property he was renting in Bartley Mill, Lamberhurst, where officers discovered cocaine worth around £3,000. In addition, they had recovered £1,385 in cash.
Budd’s personal and financial records revealed that he earned £160,816 from his criminal activity, of which £28,824 was identified as recoverable through the seized cash, separate money in his bank account, and the sale of a BMW convertible, personalised number plate, and quad bike.
The confiscation order for Budd’s assets was approved during a hearing at Maidstone Crown Court on Thursday, August 11, 2022. Any additional assets discovered in the future may be subject to confiscation proceedings until the total earnings from his criminal activity are repaid.
Cosmo Budd and other criminals like him may enjoy spending their illegal earnings on sports cars and designer clothing, but we will not hesitate to strip them of their assets while they are living a less luxurious lifestyle behind bars,’ said Detective Inspector Helen Smithers of the Kent and Essex Serious Crime Directorate.
‘When reviewing a criminal’s personal wealth, our financial investigators leave no stone unturned to ensure they cannot continue to reap the benefits of their crimes after they have been released from prison.’
‘We will continue to use the legislation provided by the Proceeds of Crime Act to send a clear message that crime does not pay.’
Under the Asset Recovery Incentivisation Scheme, assets recovered under the Proceeds of Crime Act are distributed to operational agencies such as Kent Police (ARIS). Recovered assets are distributed among operational agencies and the Home Office before being reinvested in policing.
