Fraud & financial crime

Back to regulation, business crime & compliance

Combatting financial crime is high on the political agenda.

Police and many other investigating authorities have a larger number of powers to investigate and prosecute financial crime than ever before. This means that individuals and businesses are now more likely to face scrutiny and investigation. We recognise and understand just how difficult it is to deal with an investigation or prosecution and we are here to protect you, your business, management and employees.

Having the right advice at the beginning of an investigation (or any intervention) enables a swift and considered response to allegations and helps protect your legal rights and manage reputational damage thereby minimising financial and other losses.

Where necessary we are able draw together lawyers from a number of disciplines including commercial litigation, tax and employment to ensure all angles are covered.

Criminal fraud

We act in some of the largest and complex criminal fraud cases across the country. Many of our cases are, and have been, multi-jurisdictional in nature. Our work includes investigations and prosecutions by the Serious Fraud Office (“SFO”), HM Revenue & Customs, the Financial Conduct Authority (“FCA”), the Crown Prosecution Service (“CPS”), the Department for Business Innovation & Skills and the Police. The range of work is vast but often includes bribery and corruption, MTIC, high yield investment fraud, asset stripping, creditor fraud, tax fraud, false accounting and proceeds of crime/money laundering cases.

We can help with:

• 24 hour access;
• Advising on arrest;
• Attendance at police stations;
• Interviews under caution or PACE interviews;
• Responding to dawn raids, searches and seizure at home or work;
• Advising on the legality of warrants and production orders including judicial review;
• Advising on legal professional privilege;
• Advising on restraint orders;
• Representation at the magistrates' court and crown courts;
• Defending prosecutions including:

• Review of evidence and unused material;
• Advice on the criminal process;
• Advice on abuse of process and other legal arguments;
• Advice on experts required including forensic accountants and computer forensics;
• Advice on confiscation proceedings;
• Advice on appeal; and
• Confiscation and proceeds of crime sanctions.

• Challenging the prosecution authority;
• Responding to information requests;
• Being approached as a witness;
• Self-reporting & internal investigations;
• Bribery and corruption;
• Civil fraud recovery and counter fraud.

Recent experience

We are acting in a number of high profile investigations including two publicised by the SFO. We have recently secured the acquittal of our client in the SFO prosecution of three steel executives in the case known as XYZ Ltd or Sarclad; the first acquittal of any individual charged with bribery and corruption following a Deferred Prosecution Agreement.

Members of our team have worked on numerous SFO investigations and many prosecutions by other prosecuting authorities including:

• The SFO prosecution of executives in the Sarclad Ltd (XYZ Ltd) prosecution following a deferred prosecution agreement for bribery and corruption;
• The SFO case arising from the investigation into the Anglo-American Group;
• The SFO Miners Compensation Fund investigation;
• The SFO case arising from the collapse of the menswear group Ciro Citerrio;
• The SFO prosecution involving Lord Davenport and Gresham Ltd;
• The SFO prosecution of individuals in the Duckers Furniture Ltd asset stripping case;
• The SFO prosecution involving the asset stripping of Uno Shopfitting Ltd, Wavetown Ltd and Abbotts Wholesale (Tobacconists and Confectioners) Ltd;
• The SFO investigation and prosecution of individuals in the Prudential Commercial Investments case, a high yield investment fraud;
• The SFO investigation and prosecution of individuals in the Zoemack Ltd investment fraud;
• The SFO Investigation into TATA Speciality Steels;
• The SFO investigation into Jeffrey Revell-Reade - £100m boiler room case involving the unregulated sales of US penny stock shares;
• The SFO investigation into Mark Dingley (acquitted) - £30m fraud investigation into capital fundraising schemes and Pre IPO deals;
• The SFO investigation into manipulation of inter offer base rates (EURIBOR);
• The SFO Investigation into forestry investments in Brazil;
• The SFO Investigation into currency exchange platforms;
• Represented company to facilitate disclosure obligations to foreign jurisdiction pursuant to S.2 Notice served by the SFO;
• Representation of a defendant in a Financial Conduct Authority insider trading criminal investigation. Defendant officer / senior employee of a major retail PLC;
• Represented close family member of a PEP & Designated person under EU Sanctions accused of facilitating breach of sanctions (NCA);
• Advised company in relation to alleged breaches of Psychoactive Substance Act and marketing of ‘legal highs’ (NCA);
• Multi handed conspiracy to defraud prosecution - £4.3 million (CPS fraud prosecution);
• Alleged theft by company directors of European Union grant money (BERR);
• Defended company director for breaches of duty of care (BERR);
• Multi handed conspiracy to defraud and money laundering involving directors of a financial services company (CPS fraud prosecution);
• Representation of an ex FSA (as it was then) approved director of a sub-prime mortgage lender in a £250 million mortgage fraud;
• Representation of an individual in a second multi-million pound prosecution linked to the case above (CPS fraud prosecution);
• 16 defendant MTIC/Contra trading fraud (HRC Prosecution);
• £4 million fraud on the construction industry scheme, PAYE and NI schemes (HMRC prosecution);
• Operation Carina - successfully defended in a £50 million alcohol diversion fraud (HMRC prosecution);
• Representation of mortgage broker – successfully defended client’s alleged role in £14m mortgage fraud (HMRC Prosecution);
• Prosecution of company director of SME for £1m VAT evasion. Successfully negotiated loss down to £90,000 with no confiscation proceedings (HMRC Prosecution);
• Prosecution of two company directors of high street fast food franchise for VAT & PAYE fraud (HMRC Prosecution);
• Investigation into company director for alleged role in £200m money laundering through precious metal exchange (NCA / Local Police);
• Prosecution of managing partner of firm of solicitors in respect of multi-million pound theft of office and client funds (CPS fraud prosecution);
• Investigation of a managing partner of a solicitors practice in respect of money laundering linked to a cross border police force major crime unit investigation (NW Major Crime Unit);
• Investigation into the managing partner of a solicitors practice in respect of an allegation of theft – interview and discontinuance (local police force);
• Representation of six councillors (including three leaders) of Doncaster Metropolitan Borough Council for expenses fraud – part of the “Donnygate scandal” (CPS prosecution);
• CPS prosecutions of various individuals for gross negligence manslaughter;
• Local authority prosecution for breaches of planning enforcement notice (Brent Council Prosecution);
• Representing Company Director of large scrap metal dealership;
• Representing Company director during insolvency investigation (Insolvency Service);
• Represented School with charity status during investigation by SOS for Education and Charity Commission following criminal allegations;
• Representing company during public interest winding up proceedings (Insolvency Service);
• Represented company during FCA investigation into mis-sale of shares during fund raising (FCA);
• Represented company during ‘dawn raid’ with a view to preserving privilege;
• Confiscation proceedings following the SFO prosecution concerning Practical Property Portfolios Ltd and Napeer (Holdings) Ltd.
• Representing third parties with interests in confiscation proceedings;
• Confiscation proceedings following EURIBOR trial;
• Confiscation proceedings following conviction for failing to comply with planning enforcement.

Fraud & financial crime is part of Shoosmiths’ wider regulation, business crime & compliance offering. If you would like help finding the right team or lawyer please contact us on +44 (0)3700 863 000 or contact us by email to [email protected].