Extradition could re-open investigation into the sale of Autonomy

A UK court has ruled that Mike Lynch, tech entrepreneur and founder of software firm Autonomy, could be extradited to the US to face charges of conspiracy and fraud in relation to the £7.1 billion sale of the tech business to Hewlett Packard (HP). The extradition hearing had been adjourned to await the outcome of […]

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Behind the scenes – how forensic accountants assisted with the surrender of £4m of laundered money

Milsted Langdon are often asked to work on complex financial cases related to money laundering and fraud – employing their analytical eye to help prosecutors and the courts. Recently their assistance was called upon by the National Crime Agency (NCA). Back in the midst of the national lockdown they were contacted because of their reputation […]

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Largest dispute finally ends with help of forensic investigators

Russian billionaire Farkhad Akhmedov says he has settled a legal fight with his ex-wife after she was given a divorce settlement of about £450 million thought to be the biggest of its kind made by a judge in London. Tatiana Akhmedova was awarded a 41.5 per cent share of her ex-husband’s £1 billion-plus fortune in […]

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Fraudster jailed for funding high life with taxpayers’ money

A fraudster who used taxpayers’ money to fund a lavish lifestyle has been jailed for seven years. Veekshit Ramoo submitted £2.1 million of fraudulent VAT repayment claims to HM Revenue & Customs (HMRC). The claims were made through his bookkeeping company for VAT payments to suppliers that were never made. Fortunately, eagle-eyed HMRC officers spotted […]

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Insolvency service investigates COVID-19 fraud

The Insolvency Service has been given the power to investigate company directors who deliberately wind-up firms to avoid repaying their emergency COVID-19 debt. Directors found guilty of abusing insolvency procedures in this way could be banned from acting as a director for up to 15 years and potentially face criminal prosecution. The Insolvency Service has issued […]

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Investigators unravel complex fraud network

A former tax consultant faces additional jail time for leading a conspiracy that used a string of UK and offshore company bank accounts to steal £6.9 million in taxes paid by clients, which were deducted from workers’ wages through fraudulent payroll schemes. David (Mike) Hughes was sentenced to nine-and-a-half years in August 2019 for conspiracy […]

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Trump – the importance of witness statements in financial investigations

News that a senior Trump Organization official is being brought to testify before a grand jury is a reminder that witnesses are key in any complex financial investigation. According to sources, Jeff McConney, Senior Vice President and Controller for the Trump Organization, is the first employee from the former president’s company who has been called […]

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Defence against financial misconduct allegations

Generally speaking, if employees are accused of financial misconduct in office to the point where the case goes to court, they are likely to do all they can to refute evidence brought by their accusers. To amass this evidence, they often need to employ forensic financial investigators, who will look at the evidence put forward […]

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Bath College scam – Tracing Funds

The phrase ‘cash is king’ used to be a truism but in this digital world, most money changes hands digitally, which can be both a good and a bad thing for anyone suspected of financial crime. This is because all digital transactions leave a footprint that forensic investigators can follow, so where an individual is […]

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The importance of forensic financial investigations to insolvency and the economy

Insolvency and restructuring trade body R3 has recently produced a report highlighting the importance of the role that the insolvency, restructuring and turnaround profession plays in the economy. The report lists the most common reasons why a business fails and more than 10 per cent of insolvency cases involve fraud or criminal activity. According to […]

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The Gates divorce – dividing up the assets

News that Bill and Melinda Gates are divorcing has set the media alight with speculation about how their vast fortune will be divided, although it is believed that the separation will be “civil”. However, if there are multiple high-value assets at stake, dividing them up is never completely straightforward. The divorce settlement is further complicated […]

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Postmasters’ convictions quashed

It is welcome news that judges have quashed the convictions of 39 sub-postmasters who were wrongly prosecuted by the Post Office for theft, fraud and false accounting between 2000 and 2014. During this time, the Post Office prosecuted at least 700 postmasters, based on information from an inaccurate computer accounting system called Horizon. Some postmasters […]

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In-depth investigation finally snares ‘career criminal’

A conman who fleeced numerous businesses, as well as the NHS, to the tune of almost £1.4 million has finally been jailed for more than 11 years, having pleaded guilty to 12 counts of fraud and theft. Stephen Day claimed to the businesses that hired him that he was a financial turnaround consultant but used […]

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Destroying evidence makes matters worse

At the recent hearing at the Court of Appeal into a case involving subpostmasters, who were prosecuted for defrauding the Post Office, it was alleged that the Post Office instructed employees to shred documents in a bid to destroy evidence. However, when its legal counsel heard about the plan, he cautioned that if these instructions […]

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Health Chief quits amid financial investigation

The Chief Executive of Cornwall’s mental health and community hospitals organisation has resigned amid allegations of financial and governance failings. Phil Confue had been the Chief Executive of Cornwall Partnership NHS Foundation Trust (CPFT) for the past nine years. He has resigned following two external financial reviews, one of which investigated the allegation that Mr […]

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Trump: Connecting the dots

It is said that every electronic transaction leaves a digital footprint, which is why anyone trying to cover their tracks shies away from the internet and traceable mobile calls. However, in some cases, a literal paper trail can also reveal interesting evidence, as one Trump Organisation employee has found out during his divorce proceedings, as […]

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Fraudsters cashing in on Government COVID financial aid

According to the Chairman of the Fraud Advisory Panel, fraudsters have been doing their best to exploit the Government’s COVID financial aid packages. David Clarke estimates that billions of pounds have been paid to people who were not entitled to it, making this potentially the biggest fraud in British history. It is hardly surprising that […]

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Investigation uncovers fraudulent Forestry Commission claims

A businessman who defrauded the Forestry Commission of almost £635,000 worth of Government grants has been banned from being a company director for 11 years. Pritesh Ladwa was sole director of The Forest Project TFP Limited (“TFP”), which was ostensibly set up to create new woodlands, from January 2013 to August 2018 when the company […]

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Property developer sentenced after a complex, cross-border investigation into assets

A property developer has been sentenced in absentia to 21 months in jail on eight counts of contempt of court and breaching court orders to disclose assets. He was also ordered to pay £268,000 in costs. However, this sentencing is only the latest stage in these complex and ongoing proceedings that have involved more than […]

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Divorce – A fair division of assets

Divorce is in the news at the moment, with the amicable split between Kim Kardashian and Kanye West and, more curiously, the landmark case of the Chinese housewife, who will receive 50,000 yuan (£5,460) for five years of unpaid labour. The financial stakes are rather higher in the ‘Kimye’ divorce, with more than $2.1 billion […]

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Forensic accounting methods hitting the best-seller lists

The world of forensic accountancy may seem mysterious to the layperson but if anyone has read The Thursday Murder Club by Richard Osman, they will have been given a clear explanation of how powerful a forensic investigation can be. In the book, having engaged a forensic accountant, the elderly amateur sleuths can give the police […]

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Neil Woodford bouncing back

Former star fund manager Neil Woodford is planning to start a new investment firm, even though the Financial Conduct Authority (FCA) has yet to conclude its investigation into his previous enterprise. The move has led to calls for an independent enquiry into how Mr Woodford, whose Woodford Investment Management was suspended in 2019, could bounce […]

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‘A glimmer of hope’ for London Capital and Finance Investors

Thousands of investors who lost more than £200 million in the London Capital & Finance (LCF) savings scandal have been given new hope after the launch of a ground-breaking lawsuit. LCF collapsed in January 2019, leaving 11,600 investors, many of whom were elderly or new to investment, facing ruin. The firm’s advertisements had looked very […]

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Forensic Accountants called in to examine Trump’s finances

The Manhattan District Attorney’s Office has hired forensic accountants to examine former President Donald Trump’s finances, particularly any anomalies in his property dealings. This is part of an investigation into ‘hush money’ payments that has been ongoing since 2018. Since it began, the investigation has been expanded to consider Donald Trump’s vast business empire, and investigators […]

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Business interruption insurance claims – what can and cannot be claimed

More than 370,000 small businesses in England and Wales could eligible to claim via their Business Interruption insurance policies for disruption during the first Covid-19 national lockdown, following the Supreme Court’s important ruling. This ruling substantially allowed the appeal brought by the Financial Conduct Authority (FCA) and campaign groups Hiscox Action Group and Hospitality Insurance […]

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