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Fraud Insights: Protecting shareholder rights through unfair prejudice petitions
Where the affairs of a company are being or have been conducted in a manner that it is unfairly prejudicial to the interests of a shareholder, or an actual or proposed act or omission would be so prejudicial, a shareholder can apply to the Court under section 994 of the Companies Act 2006 through what is commonly known as an unfair prejudice petition.
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Fraud Insights: Worldwide freezing order continued despite allegations of delay
A recent decision of the High Court in PJSC National Bank Trust and PJSC Otkritie Bank Financial Corporation v Boris Mints and others [2019] EWHC 2061 (Comm) found that it was appropriate to continue a worldwide freezing order in circumstances where there was a good arguable case that the Defendants had used complex structures and methods, involving substantial sums of money, to defraud the Claimant banks despite the absence of any recent evidence of dissipation by the defendants.
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Fraud Insights: Criminal sanctions for wilful and reckless mismanagement of pension schemes
In February 2019, the Government published its response to the consultation on Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator (the "Consultation Paper"). Amongst the new proposed regulations in the Consultation Paper, the government said it intends to create a new criminal offence of wilful or reckless behaviour in relation to a pension scheme punishable by a maximum penalty of up to seven years' imprisonment and/or unlimited fines.
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NCA report: Financial Trojans & Organised Crime
Once a fringe issue, cybercrime has become a key threat to businesses and individuals alike, and is central to UK law-enforcement strategy.
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The relentless rise of financial cybercrime
In recent years, political cybercrime has repeatedly made headlines. Yet amid a series of sensational stories stemming from alleged Russian hacking during the 2016 US presidential election, the media has largely overlooked a simultaneous surge in a potentially far more damaging global threat: financial cybercrime.
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International Strategies for white-collar crime enforcement
The US Department of Justice's ('DOJ') chief of the Foreign Corrupt Practices Unit of the Fraud Section, Daniel Kahn, has commented on the increase in international fraud investigations meaning a greater likelihood that US prosecutors will need to acquire evidence from overseas. He also indicates some of the difficulties this poses and outlines potential solutions.
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Worldwide freezing injunction granted against persons unknown
The jurisdiction to grant worldwide freezing injunctions against persons unknown is now “clearly established”, HHJ Waksman QC confirmed in the recent handing down of his judgment in CMOC Sales & Marketing Ltd v Persons Unknown [2018] EWHC 2230 (Comm). The Claimant in this case, an English company managed by its sister company in the USA,
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Private prosecution success over fraudster
A former car dealer has been jailed for eight years for a multi-million pound investment fraud – even though the Crown Prosecution Service had refused to charge him, BBC News has learned.Paul Sultana was convicted after the company he had defrauded brought a private prosecution – criminal proceedings which are not initiated by the state.
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