Fraud Newsletter No. 94 August 2024

September 3, 2024

Cases

Nothing of note.

Sentencing & Confiscation

NCA v Jiangbo Hao and others [2024] EWHC 2240 (Admin) refused application to set aside s357 POCA civil recovery disclosure re benefits from alleged £27B gross fraud in China netting £1.2B.

Pigott v CPS [2024] EWHC 2177 (Admin): 2nd application for Certificate of Inadequacy not an abuse of process – open to party to rely on new information and evidence – but refused on the facts.

Bills, Statues & SIs

Nothing of note.

Guidance, Circulars, Reports and Consultations

Cyberattacks on law firms jumped by 77% over the past year: Law Soc. Gaz: 27 Aug 24

Replacing the SFO: The case for a new approach to serious economic crime: Inst. of Economic Affairs: 23 Aug 24. Press release summary.

Draft United Nations convention against cybercrime: 7 Aug 24. Expected to be adopted by General Assembly later this year.

News

Post Office Horizon IT Inquiry: Recordings, transcripts, reports, evidence and key documents etc available on the POHITI website.

FCA:

Ex-Barclays banker Kalaris loses appeal against FCA ban on senior roles: Reuters: 27 Aug 24. For full decision see Saranac Partners Ltd v FCA [2024] UKUT 00254 (TCC).

FCA chair in hot water for revealing identity of whistleblower: moneymarketing: 23 Aug 24

PwC fined £15m for failing to alert FCA to suspected fraudulent activity at London Capital & Finance plc: 16 Aug 24: Final Notice.

H2O will pay €250m to investors following FCA investigation re failure to carry out proper due diligence on Tenor Group investments; false and misleading statements to FCA etc: 7 Aug 24: Final Notice for H2O: 2 Aug 24.

FCA announces further expansion of Leeds office, creating more jobs in the region: 7 Aug 24

Unauthorised mortgage broker charged with fraud: 2 Aug 24.

Unauthorised mortgage broker and others ordered to pay £4m by High Court: 5 Aug 24. Judgment: 24 May 24.

Insolvency Service:

Sussex director sentenced for Covid fraud and footgolf scheme: 20 Aug 24.

NCA:

Website operators promised fraudsters profit within minutes if they subscribed to illegal service circumventing banking anti-fraud checks: 30 Aug 24.

Suspected head of prolific cybercrime groups arrested and extradited – parallel investigations with US Secret Service and FBI – 500m victims worldwide: 13 Aug 24.

Luxury properties forfeited after 6 year NCA investigation: (£14m house and golf club) 5 Aug 24.

Major Fraud Platform responsible for 1.8m scam calls, shut down – operating since 2021; 170,000 believed to be victims in UK –average known reported loss per victim over £9.4k: 1 Aug 24.

SFO:

5 former Glencore employees charged: 1 Aug 24.

Home

Telegram: ‘The dark web in your pocket: BBC News: 31 Aug 24.

Going back to school? Top frauds targeting young people revealed as Action Fraud warns about a total loss of £143.7m last year. 26 Aug 24: Action Fraud

China scam run from Isle of Man (estimated loss £4.17m from 12+ victims): BBC News: 23 Aug 24.

Death of tycoon’s ex-partner not ‘untoward’ – police: BBC News: 21 Aug 24. [Mike Lynch’s US co-D (also acquitted) hit by a car and died while out running a few days earlier]: Sky News: 20 Aug 24.

Porthcawl man sentenced after “brazen” car scam worth hundreds of thousands of pounds, ICO, 13 Aug 24

Derbyshire investment fraudster hit with 15-year bankruptcy restrictions following 8 year jail term for £9m investment fraud: BusinessDesk: 12 Aug 24.

Fugitive ‘Cryptoqueen’ hit by asset freeze re OneCoin $4.5B crypto scam: BBC News: 7 Aug 24.

Error and fraud in business tax schemes cost £4.1bn: BBC News: 4 Aug 24

Airbus faces UK criminal probe over potential export control breach: Yahoo Fin: 30 Jul 24

1MDB Fraudsters Convicted by Swiss Over $1.8B Scam: 6 years for British-Swiss national: swissinfo.ch: 29 Aug 24.

Multiple arrests made in $14.4M Holograph hack investigation: cointelegraph: 15 Aug 24.

Eurojust supports large-scale anti-mafia operation leading to arrest and freezing of €50m: Eurojust: 13 Aug 24.

Former Czech leader’s secret French estate, revealed in Pandora Papers, listed for sale – ongoing French ML investigation: ICIJ: 13 Aug24.

French Cops Catch Cheating Network Using ‘Microscopic’ Earpiece: Casino.Org: 2 Aug 24

New Jersey Senator Bob Menendez resigns after bribery convictions: BBC News 21 Aug 24

George Santos (US Congressman) faces prison after pleading guilty to fraud: BBC News 19 Aug 24