What’s so special about a “special purchaser”?
11 Mar 2025The term “special purchaser” is often used when it comes to valuing businesses, but what does it mean and how does it affect the value of a business? Business valuations Forensic accountants are regularly instructed to value businesses as part of family or civil proceedings when the parties are unable to agree what their […]
Director jailed for Bounce Back Loan fraud
06 Mar 2025Following an investigation by the Insolvency Service, the Director of a construction company has been jailed for two-and-a-half years and banned as a Director for 10 years for overstating his company’s turnover to secure two £50,000 Bounce Back Loans, when businesses were only entitled to one. In addition, the money was not used for the […]
£6 million confiscation order against convicted fraudster
03 Mar 2025The Financial Conduct Authority (FCA) has secured a Confiscation Order of almost £6 million against convicted investment fraudster, Guy Flintham. In May 2024, Flintham was given a six-year prison sentence for defrauding investors of £19 million, having pleaded guilty to fraud by false representation. According to the FCA, Flintham stole from 240 investors between January […]
HR consultant abused her position to commit fraud
27 Feb 2025An HR manager has been sentenced to three years in jail for embezzling £100,000 from her employer, following an investigation by City of London Police. Fara Ahmed, who worked in the HR departments of a consultancy business and a property and construction firm, was accused of falsifying invoices and diverting funds into her own bank […]
Serious Fraud Office secures its first Unexplained Wealth Order
25 Feb 2025The Serious Fraud Office (SFO) has secured its first Unexplained Wealth Order (UWO) to freeze the assets of a property in the Lake District it believes to have been purchased through the proceeds of crime. The property is valued at around £1.5 million and is owned by Claire Schools, the ex-wife of convicted solicitor Timothy […]
Convicted fraudsters face confiscation orders
23 Jan 2025A fraudster jailed for two-and-a-half years in March 2024, faces more jail time unless he repays the £30,000 Covid Bounce Back Loan (BBL) he obtained fraudulently in May 2020. Watford restaurateur Ilhan Kekec claimed the £30,000 by overstating his company’s income. He then used the loan, which was originally intended to help businesses struggling during […]
Racehorse owner denies fraud
16 Jan 2025Former racehorse owner and race sponsor, John Dance, started the year by appearing at North Tyneside Magistrates’ Court to face charges of money laundering and fraud. Mr Dance is alleged to have transferred more than £64 million in client funds to pursue his racing interests and fund his lifestyle. He denies all nine charges. As […]
Eastside Rooms – Uncovering hidden assets
02 Jan 2025It was announced last month that the Serious Fraud Office (SFO) is investigating the construction of a £112 million hotel and conference centre in Birmingham known as the Eastside Rooms. Unite the union, which instigated an enquiry into the project in 2021, says it believes there was “serious financial wrongdoing” when it was run by […]
Rainbow Valley case highlights threats to charities
18 Dec 2024Fraud and theft within charitable organisations inflict profound damage, extending beyond financial loss to erode trust and compromise the very mission of these entities. The recent case involving Lindsay MacCallum, who stole £86,000 from Rainbow Valley – a charity established in memory of her friend’s daughter – highlights the multifaceted repercussions of such acts. The […]
Finding hidden assets during divorce
12 Dec 2024With more than 40 per cent of marriages in the UK ending in divorce, knowing how to get a fair share of the marital assets is important. However, this is not always easy, and some spouses make great efforts to keep assets that should be shared out of the financial settlement. In a recent case, […]
Cross-border investigation into suspected bribery and corruption
05 Dec 2024The Serious Fraud Office (SFO) has joined forces with its French counterpart, Parquet National Financier (PNF), to mount an investigation into suspected bribery and corruption at aviation and defence firm Thales. According to an unnamed source, the investigation is related to claims of bribery of a foreign public official, influence trafficking, handling stolen goods and […]
What information is available from Companies House and how useful is it?
19 Nov 2024As forensic accountants we are often provided with copies of documents filed at Companies House but how useful are they? According to its website, Companies House is responsible for: incorporating, maintaining and dissolving limited companies; examining and publishing company information; and promoting transparency and growth in the UK economy[1]. In March 2023, there were over […]
Paying the price of Bounce Back Loan fraud
15 Nov 2024Almost two years after being convicted of Bounce Back Loan fraud, Sameer Saeed, Director of Digital Business Box Ltd, has been forced to sell his BMW and London flat to repay in full the money he received. Saeed fraudulently secured a £50,000 Bounce Back Loan (BBL) in 2020 by claiming that his company’s turnover was […]
Updated approach to procurement uncovers theft at National Trust
30 Oct 2024The theft of £1 million from the National Trust was discovered after the organisation updated its approach to procurement in 2013. A former National Trust employee was found to have ‘abused his position of trust’ at Bristol Crown Court in September and was jailed alongside his two sons, who were accused of laundering the proceeds […]
Fraud upon fraud in Bounce-Back loan claim
21 Oct 2024A businessman has been jailed following an investigation into a fraudulent Bounce-Back loan claim. Gerald Smith was given a prison sentence of 18 months in September 2024 on two counts related to fraud and concealing criminal property or concealing the use of money. Smith successfully received a loan of £50,000, which he claimed he needed […]
Barristers’ chambers defrauded by £2.75 million
14 Oct 2024A former credit control manager at a top London barristers’ chambers stole money to the tune of £2.75 million, while responsible for the bank account used to pay fees due to barristers. After she left her role in June this year, Gillian Goodfield, also known as Gillian Brown, was suspected of having stolen the money […]
McMafia laws yield multi-million pound assets
01 Oct 2024Zamira Hajiyev, the wife of jailed Azeri banker Jahangir Hajiyev, has agreed to forfeit a house worth £14 million in Knightsbridge and a golf club in Ascot. This decision comes after a civil recovery investigation into the acquisition of the properties by the National Crime Agency (NCA). According to the NCA, the assets were obtained […]
Fraud – it is all about the money – isn’t it?
17 Sep 2024To misquote Jessie J, “It’s all about the money, money, money, forget about the price tag”. Only for most people, it isn’t as simple as forgetting about the price tag. We live in a world that has been hit by an economic downturn and an increase in the cost of living. Employee fraud is on […]
Rise in alleged money laundering
13 Sep 2024According to a recent report, there has been a 16 per cent year-on-year increase in the number of alleged fraud cases coming to court across the UK – with money laundering being the most common fraud type by value in the last six months. So far, nine such cases have been heard this year, valued […]
HMRC to clamp down on businesses fraudulently claiming R&D relief
06 Sep 2024HM Revenue & Customs (HMRC) has said it will take “decisive action” against business owners who they believe have fraudulently claimed against the Corporation Tax Research and Development tax relief scheme or the Research and Development Expenditure Credit. The schemes, which merged in April 2024 to form one single research and development (R&D) scheme, were […]
Investigation continues into PPE Medpro
27 Aug 2024The National Crime Agency (NCA) has said that its long-running investigation into suspected criminal offences committed in the procurement of PPE contracts by PPE Medpro, the company led by Conservative peer Michelle Mone’s husband, Doug Barrowman, will be concluded “as quickly as possible”. The company was awarded contracts worth more than £200 million for the […]
Policies reviewed after audit reveals employee theft
21 Aug 2024While the retail sector is famed for ‘inside jobs’ where theft is concerned, employee theft in other sectors is also on the rise. According to a recent report, employees are responsible for more than a third of retail theft, but charities, councils and private businesses also suffer from the problem. However, one way they can […]
Treasurer defrauds animal charity of more than £230,000
12 Aug 2024The Treasurer of an animal charity has pleaded guilty to defrauding the organisation of more than £230,000. Kevin Proctor was Treasurer of the Barnsley Animal Rescue Centre (BARC), one of Yorkshire’s largest animal rescue charities, from August 2016 to August 2022. He was charged with fraud by abuse of position at Sheffield Crown Court on […]
Police Officer accused of theft from Northumbria Police
07 Aug 2024A Police Constable has denied stealing £12,888.22 belonging to the Northumbria Police Authority, while in their employ between 1 September 2022 and 1 October 2023. At Newcastle Crown Court on 24 July, PC Nicola Owen was told that she must go to trial in January 2026. Prosecutors argued that the allegation was so serious it […]
Jail for employee who embezzled more than £1 million
23 Jul 2024A former employee of Aberdeen City Council who pleaded guilty to embezzlement has been jailed for four years and faces confiscation proceedings to recover the money he stole. Michael Paterson started working for the Council in 1988 and was promoted to the position of Council Tax and Recovery Team Leader. In this role, he was […]