Financial details of divorce to be heard in new courts
11 Dec 2017The head of the family court, Sir James Munby, has said that divorce battles among the super wealthy will be heard in separate courts from February next year, making the system quicker and more efficient. These financial remedies courts will allow cases where there are disputes over money to be heard separately from more common […]
Judge sides with husband in dispute over matrimonial assets
27 Nov 2017In a real-life divorce case brought before the courts earlier this year, a firm of forensic accountants was asked to determine what percentage of the matrimonial assets were contributed over a 29-year marriage by the husband and the wife. In this case, the husband claimed that he had made more of a contribution than the […]
Former Autonomy CFO loses bid to escape fraud charges
21 Nov 2017The long-running case between Hewlett-Packard (HP) and executives of British firm Autonomy rumbles on. In 2011, HP acquired Autonomy for £8.3 billion ($11 billion), but it was later forced to write-off around three-quarters of the company’s value after uncovering what it alleged were accounting irregularities that had been perpetrated by Autonomy’s former management team. The Serious […]
Joint FBI and UK investigation launched
13 Nov 2017The Federal Bureau of Investigation (FBI) and the Financial Conduct Authority (FCA) are investigating links between the Gupta brothers’ activities in South Africa and HSBC and Standard Chartered. Chancellor Philip Hammond said he had passed on concerns raised by MP Peter Hain to the FCA, the Serious Fraud Office (SFO) and the National Crime Agency. […]
Forensic accountants investigating Horizon computer system
07 Nov 2017A total of 552 sub-masters, some of whom received jail sentences following prosecution, have taken a group legal action against the Post Office over the controversial computer system. The action goes back to 1999, the year when the Post Office installed the Horizon system to run the accounts of local post offices. By 2009, the […]
Potential investigations into offshore usage
02 Nov 2017Following the hacking of computer records at a law firm in Bermuda, some of the UK’s wealthiest individuals are bracing themselves for an investigation by HM Revenue & Customs (HMRC) into their use of a major offshore company. Although the hack happened last year, HMRC is said to have known about it for some time, […]
Detailed investigation clears couple
27 Oct 2017Many people believe that being investigated for financial wrongdoing automatically means that someone is guilty but, actually, forensic investigations are often used to prove someone’s innocence as well as guilt. This has been demonstrated recently by North Yorkshire Police releasing a man and woman without charge following a “detailed financial investigation”. A Charity Commission investigation […]
Michael McIndoe breaks his silence over alleged fraud
17 Oct 2017Ex-professional footballer, Michael McIndoe, has broken his silence over claims he conned millions of pounds from fellow players, saying he has never run any kind of investment or Ponzi scheme. The former Wolves, Coventry City and Bristol City player was first accused back in 2012 when Scotland Yard investigated him for what was then being […]
Following a grisly trail
06 Oct 2017Following the massacre in Las Vegas last Sunday, there has been huge speculation about the gunman’s motives and attention has turned to his financial history in a bid to find clues. Apparently, Stephen Paddock sent $100,000 to a Philippines bank account days before he carried out his dreadful crime. The account belongs to Paddock’s long-term […]
Tracking the smallest financial anomalies
29 Sep 2017After the UK’s Criminal Finances Act comes into force today (30 September), HM Revenue & Customs (HMRC) will be able to pursue money laundering, tax evasion and the possible facilitation of terror financing anywhere in the world. The Act is extremely far-reaching and will put the spotlight on a huge range of businesses. Terror financing […]
Lengthy investigation
25 Sep 2017Airbus, Europe’s largest aerospace multinational, appears to be facing years of investigation by French and UK authorities amid allegations of corruption over jet sales. The investigation began after Airbus drew the attention of regulators to inaccurate declarations it had made to the export credit finance agency over payments to sales agents. According to the Guardian […]
Trawling through the evidence
19 Sep 2017An investigation into a £10.25 million loan to Northampton Town FC has necessitated the analysis and examination of thousands of financial transactions, more than 500 statements and more than 2,100 exhibits. The case revolves around a loan of more than £10 million by Northampton Borough Council to the football club to enable it to complete […]
The UK’s lightly regulated corporate landscape allows money laundering…
12 Sep 2017… So says a top forensic investigator who has alleged that the UK is at the centre of $3 billion (£2.27 billion) worth of laundered Azerbaijani money. The so-called ‘Azerbaijani Laundromat’ was uncovered in a joint investigation by 17 European media organisations, including the Guardian and Le Monde and was published by the Organised Crime […]
White collar crime prosecutions fall although offences are up
05 Sep 2017Recent research shows that the number of white collar crime prosecutions in the UK fell by 12 per cent between 2015 and 2016, even though there was a four per cent increase in the number of reported offences. In fact, the number of prosecutions has fallen by 26 per cent since 2011, when there were […]
Samsung heir found guilty of bribery and hiding assets
01 Sep 2017The heir-apparent to the Samsung business has been jailed for five years for corruption, including bribery, embezzlement and hiding assets overseas. Lee Jae-yong, also known as Jay Y Lee, was arrested in February for bribing Choi Soon-sil, a close friend of South Korea’s impeached president, Park Geun-hye, to secure government support for a business deal. […]
Study highlights shell company loopholes
30 Aug 2017According to a new study of corporate filings, some UK shell companies under offshore control may be skirting new rules that were designed to clamp down on corruption and tax evasion. A shell company is a corporation without active business operations or significant assets that is used to preserve anonymity and, sometimes, illegal activity, such […]
How to find those hidden assets
29 Aug 2017News that Roman Abramovich is about to get divorced for the third time and is facing a hefty payout to his wife is a reminder that when either partner has wealth, the ‘other side’ will want to ensure they are admitting to all of it. Of course, there is no suggestion that the Chelsea owner […]
Hiding Behind a Shell
04 Aug 2017Soccer superstar, Cristiano Ronaldo, has been accused by the Spanish authorities of using what they believe to be a shell company in the Virgin Islands to “create a screen” in order to hide his total income, which amounts to almost £13m, from Spain’s Tax Office. Ronaldo has been accused by Madrid’s regional state prosecutor […]
A family affair
04 Aug 2017A Surrey man and his wife, brother, sister and mother have all been found guilty of fraud after what local police described as “a very complex case, which took substantial time and effort to unravel”. The ‘lynchpin’, Jason Huggett, worked for an international firm, where he negotiated contracts, arranged for work to be carried out […]
Forensic investigation element of UK’s longest criminal trial
04 Aug 2017A case that started in Glasgow’s High Court in September 2015 has just ended with the jailing of a married couple for large-scale property fraud in what is believed to be longest criminal trial in UK legal history. The case has been described by police as “one of the largest, most complicated property fraud investigations […]
When the accused fights back
04 Aug 2017Any investigation in the British courts involves an opportunity for individuals or entities accused of a crime to put their arguments forward. This means that a forensic accountant’s investigation can be used to prove innocence as well as guilt, and key to any investigation is the analysis of evidence. A current example which demonstrates the […]
Investigation to see if there is a case to answer
04 Aug 2017While some cases can be brought on strong suspicion of wrongdoing, others require an investigation to see whether or not there is a case to answer. On such occasions, a matter is investigated and the evidence found is put before the Crown Prosecution Service (CPS), which will weigh up the chances of a successful prosecution. […]
When there is no evidence of wrongdoing
04 Aug 2017The Serious Fraud Office (SFO) has closed its criminal investigation into the conduct of the Bank of England saying that, after a thorough investigation, there is “no evidence of criminality in relation to this matter”. The SFO had been looking into whether banks and building societies had been told by the Bank to bid for […]
Dirty Money
20 Jun 2017According to The Financial Times, the amount of ‘dirty money’ washing around in the UK financial system has reached a record high. The newspaper’s research found that requests for information from foreign governments, regarding money laundering activity, have jumped by a massive 12 per cent in the last year, making the crime top of the […]
Following the money
07 Jun 2017‘Follow the money’ is a key exhortation in most investigations, as cash is a used as a motivator even in crimes that appear to have nothing to do with it. One recent example of this is the alleged involvement of Donald Trump’s presidency with Russia. According to some sources, independent forensic accounts, legislators and the […]