On 12th March, 6 KBW College Hill published a report saying that 2 wreck divers were convicted of fraud through a dishonest failure to disclose the information that they had taken possession of a wreck. The Merchant Shipping Act 1995 provides that if any person finds or takes possession of any wreck in UK waters they have to inform the Receiver of Wreck. An appeal was dismissed and the correct figure for the assessment of the harm caused by the fraud was the value of the items salvaged – the items taken were cumulatively worth around £100,000. When a wreck comes into the possession of the receiver it must be held for a year; and, if no owner comes forward to claim it, the wreck passes to the Crown. In either case a legitimate salvor of the wreck may claim a salvage award.