Fraud Newsletter No. 71 September 2022

Nothing of note.

Nothing of note.

Economic Crime and Corporate Transparency Bill 2022 (as at 22 Sep 22). Factsheets (16): HO; HM Treasury; DBEIS: SFO & MoJ: 22 Sep 22.

Nothing of note.

CPS:

• DPP’s speech to the Cambridge Symposium on Economic Crime: 5 Sep 22

FCA:

• Scams offering to ‘write off debts’ targeting UK consumers: 19 Sep 22.

NCA:

• Alleged ‘money man’ for Kinahan organised crime network arrested in Spain: 20 Sep 22

• NCA files claim to recover £54m from two Barclays accounts: City A.M. : 11 Sep 22

• Penthouse suspected of being used to scam thousands of UK victims raided in joint international operation – fraudsters pretending to be FCA etc would contact victims claiming to help recover losses for upfront fee: 8 Sep 22.

• Luxury resort developer jailed for 12 years over £226m fraud: City A.M.: 30 Sep 22

• Extension of SFO’s pre-investigation powers under Economic Crime and Corporate Transparency Bill (see Bills, Statutes etc above): s2A pre-investigatory powers re international bribery and corruption to be extended to all SFO cases: 22 Sep 22.

• UK law enforcement finds unexpected connections among overseas investment fraud and transnational crime: Thomson Reuters: 20 Sep 22

• Distrust, bias and incompetence at the SFO: de Jersey & Davies (BCL Solicitors): Reports Legal: 18 Sep 22.

• Trial of steel execs accused of US$150mn trade finance fraud begins of 5 execs of Balli Steel PLC: Global Trade Review: 14 Sep 22

• SFO Director Lisa Osofsky gives keynote speech at Cambridge Symposium: 5 Sep 22

• Axiom financial adviser faces March 2024 retrial: Law Society Gazette: 1 Sep 22.

• UK banks told to reimburse customers tricked by scams: Reuters 29 Sep 22.

• Economic Crime Bill: Plan to tackle dirty money in UK set out: BBC News: 22 Sep 22. New crackdown on fraud and ML to protect UK economy: 22 Sep 22: News release: HO; HM Treasury; DBEIS: SFO & MoJ:

• Hedge fund trader can be extradited from UK to Denmark to face ‘cum-ex’ charges re £1.5B tax scandal: FT 20 Sep 22.

• Ladbrokes owner Entain face AUSTRAC probe and potential million-dollar fine: Sydney Morning Herald: 12 Sep 22.

• Tackling error and fraud in the COVID-19 support schemes: HMRC updated 8 Sep 22. Total COVID fraud rate revised downwards – most likely £4.5B.

• Consumers warned about rise in investment scams: Financial Ombudsman: 7 Sep 22

• NY’s long-awaited fraud lawsuit against Donald Trump, his 3 eldest children & his company re falsely inflating his net worth by “billions of dollars”: The New Yorker: 22 Sep 22.

• Parkville (Missouri) Man Sentenced for $335M Fraud, $615kTax Violations: DoJ: 22 Sep 22

• Wirecard CEO to face fraud trial by end of year re €3B debt raised to cover up firm’s losses: FT: 21 Sep 22.

• Ultra Electronics charged with bribing foreign officials by Canadian Authorities: The Globe and Mail: 22 Sep 22

• €4.3 online investment fraud taken down: Eurojust: 7 Sep 22

• Glencore sentenced to pay $485m in DOJ market manipulation case: Global Investigations Review (paywall): 23 Sep 22

• British Libor ‘rigger’ has US conviction quashed: BBC: 7 Sep 22

• London Hedge Fund Founder Arrested in Spain & charged with Market Manipulation: Bloomberg UK: 1 Sep 22

• Deutsche Bank partners with Visa to prevent fraud in online retail: Deutsche Bank 22 Sep 22

• Taking market crime seriously: Lindsay Farmer (2022) 42 Legal Studies 508-524.