Investigation into bounce back loan fraudsters

New powers given to the Insolvency Service have led to a company director being banned for seven years after being unable to explain what she did with a £45,000 Government loan. Rupinder Kaur Thaker became a Director of TKML Ltd in April 2016, at the same time the company was incorporated. According to the Insolvency […]

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Pandemic a boon to fraudsters

A recent report from the Fraud Advisory Panel has revealed that the Coronavirus pandemic created the perfect opportunity for fraudsters to profit. As it points out, the pandemic created an unprecedented confusion of unfamiliar ways to do familiar things and, even better, took us all into cyberspace, exposing more of us to online criminal activity. […]

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Crackdown on US candy stores in the UK

Councils around the country are cracking down on so called American Candy shops, in the belief that they are being used for tax dodging. Earlier this year, Trading Standards seized a huge haul of goods to the value of £22,000 from one shop on London’s Oxford Street alone. The main products seized, along with chocolate […]

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Covid fraud spike

According to a recent report, firms in the UK suffered from a spike in fraud during the pandemic due to several factors, including remote working. As the report highlights, businesses that had to roll out digital platforms quickly in order to support remote working in lockdown often failed to nail down their cybersecurity. Meanwhile, separate […]

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Global investigation results in double conviction for fraudsters

Two company directors have been found guilty of fraud over fake investment schemes in Brazil, which saw investors defrauded of £37 million. A Serious Fraud Office (SFO) investigation, conducted with assistance from partner agencies across the globe, revealed that Andrew Skeene and Junie Bowers had deceived around 2,000 investors worldwide. The pair of fraudsters presented […]

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Fear of forensic investigation saw fraud victim get his money back

A victim of an Australian con-woman, Melissa Caddick, is one of only a few investors in her Ponzi scheme who got his money back. A wealthy surgeon was one of the dozens of people tricked into investing millions of dollars into the scheme. According to investigators, Caddick stole more than $30 million between 2012 and […]

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Serious internal fraud detected through forensic investigation

A recent global economic crime survey has found that more than 60 per cent of UK firms have experienced fraud or economic crime in the last few years. This was well above the global average of 46 per cent for this year and was higher than the last time the survey was conducted in 2020. […]

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Investigation at former employer leads to swift departure from Moderna role

Jorge Gomez has left his new role as Chief Financial Officer (CFO) of Covid vaccine maker Moderna after only one day on the job, amid allegations of inappropriate financial reporting by his former employer. Before joining Moderna, Mr Gomez had since 2019 been employed by Dentsply Sirona as its CFO and Executive Vice President. The […]

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Further enquiry into Post Office scandal

Last week, Post Office scandal victims told a public enquiry in Scotland about their harrowing experiences, with differences in English and Scottish law raising further serious questions. The hearings in Glasgow were held as part of the inquiry into the Post Office accounting scandal, which involved more than 700 sub-postmasters being wrongly accused of theft, […]

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Latest Vatican investigation ends with exoneration

A financial investigation by the Vatican into whether Cardinal Rainer Maria Woelki and his vicar general, Mgr Markus Hofmann, had violated canon law in their funding of investigations and hiring of communications consultants has found them not guilty. A letter from Cardinal Marc Oullet, Prefect of the Congregation for Bishops states that, after an “in-depth […]

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Hiding assets doesn’t pay off for Becker

Former Wimbledon tennis champion Boris Becker has been jailed for hiding assets worth more than £2.5 million after being declared bankrupt. In April, the tennis ace was found guilty of four charges under the Insolvency Act in London and was sentenced to two-and-a-half years in prison. The charges included failing to disclose, concealing, and removing […]

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Liverpool Mayor no longer under investigation

Former Mayor of Liverpool Joe Anderson has been told by Lancashire Police that the force is no longer investigating him or four other men as part of Operation Sheridan. The investigation was launched into alleged financial impropriety centred around Lancashire Council’s BT joint venture, One Connect. Liverpool Council’s then Chief Executive, Ged Fitzgerald, was arrested […]

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Inadequate accounting records lead to Director’s ban

A company Director who failed to maintain adequate accounting records, thereby breaching legal obligations, has been disqualified as a Director for six years. Stephen Mason, who ran a recruitment agency in Glasgow, liquidated the business after just two years of trading but when asked by the Insolvency Practitioner for the company’s accounts and other records, […]

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Investigation reveals assets

A piece in the Financial Times has revealed that two yachts currently moored in Falmouth Harbour, Antigua, have ties to Russian oligarch Roman Abramovich via a British Virgin Islands-domiciled firm called Wenham Overseas Ltd. Antigua has, therefore, called on the Government to help confirm whether Mr Abramovich is their ultimate owner, as the British Virgin Islands (BVI) […]

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Tip-off and collaboration secure convictions

Two men have been sentenced to jail time having pleaded guilty to money laundering offences for their part in a large and complex fraud concerning the re-sale of timeshares in 2011. Anthony Lea was sentenced at Reading Crown Court to three years and Ian Hollis to 18 months in absentia. The “extremely complex investigation” began […]

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Economic Crime (Transparency and Enforcement) Act updated

The Government has promised to step up efforts to prevent the flow of what has been described as “dirty money” entering the UK, with Prime Minister Boris Johnson pledging that there will be “nowhere to hide your ill-gotten gains”. With the Russian invasion of Ukraine and economic sanctions being placed on Russia, the Government has […]

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Evidence of forged paperwork aided conviction and confiscation order

Confiscation Orders were issued earlier this month against two brothers who were successfully prosecuted by the Environment Agency following a fraud investigation. Jamil and Saleem Rehman were ordered to pay almost £400,000 under the Proceeds of Crime Act (POCA) after being sentenced in January 2020. Jamil Rehman was the sole director at Electronic Waste Specialists […]

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No-fault divorce – How will financial settlements be affected

The Divorce, Dissolution and Separation Act 2020 comes into effect on 6 April 2022 and has been hailed as the biggest shake-up in divorce law since 1969. The new rules introduce an entirely new ‘no-fault’ basis for obtaining a divorce. This will do away with the five current grounds required to launch a petition and […]

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Significant step in Trump financial investigation

Former US President Donald Trump’s accountants announced last week that they are cutting ties with the Trump Organization. This was revealed in a letter that the firm’s US general counsel, William Kelly, wrote to the Trump Organization’s lawyer, informing him that it no longer vouched for statements of financial conditions for Mr Trump from 30 […]

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Evidence heard in Post Office scandal public inquiry

A public inquiry began on 14 February 2022 into the wrongful conviction of 706 Post Office branch managers. The inquiry is expected to run until the end of the year into whether those convicted have been justly compensated. An IT system called Horizon was introduced into the Post Office network by IT supplier Fujitsu in […]

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The Vatican agrees to sell Sloane Avenue property at the centre of investigation

The Vatican has agreed a contract to sell the London property at the centre of a financial corruption trial. A spokesman for the Holy See has said the Vatican would sell 60 Sloane Avenue in Chelsea at a price “above” initial valuations, having received a 10 per cent deposit, with the deal expected to be […]

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The challenges of splitting pensions in divorce

According to a survey of Which? members conducted in November 2021, only 15 per cent of divorcing couples include pensions in their financial settlement, even though pensions can be one of their biggest joint assets. The number of older couples divorcing is rising, and private pensions are often the most valuable asset for a couple, sometimes worth […]

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Investigation leads to largest- ever sentences for money laundering

An investigation carried out by the Organised Crime Partnership (“OCP”), a joint National Crime Agency (NCA) and Metropolitan Police Service unit, resulted in two men being handed prison sentences for money laundering totalling 33 years. Artem Terzyan and Deivis Grochiatskij headed up an international criminal network responsible for laundering £70 million, of which £10 million […]

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Bondholders finally offered compensation after LCF scandal

Under the proposed terms, the Government will pay 80 per cent of the compensation, up to a maximum of £68,000. Those who still want to fight on in the hope of receiving their principal investments in full can reject the offers when the FSCS contacts them. Approved claimants should get their payments before the end […]

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The Vatican could lose millions over London property sale

Recent reports suggest that the Vatican is about to close a deal with two private-equity firms to sell a London commercial building at the centre of one of the major scandals of Pope Francis’ office. If it goes through, the likely price will be close to $230 million, which is more than $100 million less […]

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