Fraud Newsletter No. 74 December 2022

January 6, 2023

Cyber-fraud & Bitcoin claim: bitcoins transferred to fake trading platform and a wallet associated with Huobi Exchange: wallet service by email and non-fungible token; Huboi constructive trustees: summary judgement: Jones v Persons Unknown [2022] EWHC 2543 (Comm) (Westlaw).

Bankers Trust Order (BTO) served outside jurisdiction under new information order gateway via email & link to an online contact form: LMN v Bitflyer Holdings Inc: [2022] EWHC 2954 (Comm).

Sentencing & Confiscation

Stanley Miller: [2022] EWCA Crim 1589: review of principles/case law on (i) setting aside an agreed confiscation order – counsel’s error of law; (ii) re attributing to a director convicted of corporate fraud the benefits which accrued to the company.

Bills, Statutes & SIs

Proceeds of Crime (Money Laundering) (Threshold Amount) Order 2022 SI 2022 No. 1355 increases threshold transaction amount under POCA 3339A from £250 to £1,000 as from 5 Jan 23.

Consultations, guidance, circulars and reports

AML and CFT: Supervision Report 2020-22: HM Treasury: 19 Dec 22

Public Sector Fraud Authority 2022/23 Building for Success: PSFA: 19 Dec 22.

Guidance on reporting routes relating to vulnerable persons re SARs etc: NCA/ UKFIU (UK Financial Intelligence Unit) 20 Dec. 22.

Public knowledge of and confidence in the criminal justice system and sentencing: 2022 research: Sentencing Council: 12 Dec 22.

Changes to bodies granted investigatory powers under POCA: Consultation closes 1 Mar 23: whether to extend to Security Industry Authority, Food Standards Agency, Environment Agency, Public Sector Fraud Authority, Dept. Work & Pensions: Home Office: 7 Dec 22.

National Fraud Initiative Report 2022: Cabinet Office: 5 Dec 22

Insights from the 2021 Cyber Coordination Groups: FCA: 8 Dec 22 re cyber risk landscape, cyber security and the state of DevSecOps (Development, Security & Operations).

2022 Payment Threats and Fraud Trends Report: EPC 23 Nov 22.

EU & Abroad

FTX: “one of the biggest financial frauds in US history.”

Investors lose $60m in massive Crypto fraud in India: CoinGape: 29 Dec 22.

US charges crypto trader with fraud in Mango Markets case re attempted theft £100m: FT: 28 Dec 22.

Key trial witness blames former CEO Markus Braun for German Wirecard ‘swindle’ involving €1.9bn – “swindle from the start”: Indpdt: 20 Dec 22.

Social media influencers charged with $100m stock scheme – stock manipulation: BBC 15 Dec 22.

EU Corruption charges “very serious”: EU Parliamentary Vice-President allegedly arrested; 3 others charged re allegations of Qatari corruption: BBC News 12 Dec 22. European Parliament offices searched: BBC 13 Dec 22.

Trump Organization found guilty of tax crimes after New York trial: BBC: 7 Dec 22