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FINANCIAL CRIME AND FRAUD

 

Do you have suspicions that something is not right in your business?  Do you have unexplained variances in your management accounts that you cannot understand?  Do your management accounts show results that are unexpected?  Our team can work remotely and with the utmost discretion and confidentiality.  Talk to us today about your concerns, they may prove to be unfounded but if something is amiss then you will be glad you called us.

False Accounting

Misappropriation and fraud have to be disguised or concealed to avert detection.  Fraudsters will try to cover these misdemeanours by adjusting entries in the accounts by using journals, suspense accounts or losing transactions in large balances.

We are experienced in searching for and spotting these fraudulent accounting entries.  Furthermore we can review accounting treatment for overzealous accounting e.g. the timing of taking of profits on contracts and valuation of assets.

Taxation and VAT Fraud

Our taxation and VAT service is used to identify and calculate the effects of tax evasion and fraud.  In addition we can prepare reports for submission to HMRC where you or your client have previously been involved in a tax scheme and are now trying to settle your affairs.  We cover all aspects of tax including personal tax, corporate tax and VAT.

Employee and

Director theft

Employee and/or director theft can be hard to spot but is often covered up by spurious accounting entries.  Our team can analyse your accounting records to spot these entries or to identify unusual patterns of activity.  We will look at systems and controls and will produce reports showing you where weaknesses exist and our recommendations for improvement.

Fraudulent Trading

Fraudulent trading is a criminal offence, therefore much more serious than wrongful trading. The main difference between the two is intent.  Directors who take part in fraudulent trading have a clear intent to deceive and defraud their creditors and customers.

However, the Insolvency Service must prove intent, so a thorough investigation will take place.

Directors are most likely to be charged with fraudulent trading if they have tried to maximise money coming in prior to liquidation.

Insolvency Offences

We work closely with insolvency practitioners and can carry out analysis to identify wrongful or fraudulent trading.

In addition we are called upon to review cases where there are suspicions of false declarations, creditor fraud, phoenix companies and trading while disqualified.

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Loan and Mortgage Fraud

We can work with lenders to review the declarations made by borrowers and to assess the way borrowed funds have been used.

There are many instances of the Covid support loans including Bounce Back Loans being claimed by ineligible entities and / or the funds being used for purposes that do not comply with the loan terms

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Investment Fraud

Investment fraud comes in many forms but often they start with a cold call from someone pretending to offer you the opportunity to invest in a variety of schemes or products that are either worthless or don’t even exist.

It is also known as share sale fraud, hedge fund fraud, land banking fraud or bond fraud.

The investment opportunities often sound too good to be true and they are commonly offered with a pressured need to make a decision there and then.

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Duty Evasion

Various import frauds including the importation of contraband goods such as tobacco and alcohol.

There are three main types of duty fraud:

  • dutiable goods manufactured in the UK;

  • dutiable goods imported from the EU; and

  • dutiable goods imported from the rest of the world.

These three areas are subject to different regulations as to whether or not duty is chargeable and at different rates.  The fraud cases can centre on inbound or outbound duty evasion.

 
 
 
 

SOME OF OUR RECENT CASES

Ineligible Bounce Back Loan applications

Applications made by companies that did not qualify under the terms of application, e.g. trading terms, existence terms, impact terms.

Wrongful use of Covid Support loans

Loans used to acquire assets that have no relation to the state of trading and any impact from Covid.

Pre-liquidation asset stripping and fraudulent trading

Various cases involving deliberate asset stripping prior to insolvency and deliberate trading when the business was clearly insolvent.

MEMBER ASSOCIATIONS

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