Dec 21, 2015 Film scheme tax fraud convictions Film scheme tax fraud convictions A former financial adviser was found guilty on 10 December of conspiracy to cheat HM Revenue & Customs (‘HMRC’) by promoting a film investment scheme to evade paying tax. Neil Williams-Denton, a former director of Greystone Financial Services, was convicted of another count of conspiracy to cheat HMRC in a linked trial in September. In the earlier trial, he was convicted along with Terence Potter, a film producer and former partner at accountancy firm Ernst & Young, who pleaded guilty to the second trial. Both defendants were sentenced on ... Read More
Dec 7, 2015 First Deferred Prosecution Agreement approved This week, the first Deferred Prosecution Agreement (DPA) was approved between ICBC Standard Bank PLC and the SFO by Lord Justice Leveson at Southwark Crown Court, sitting at the Royal Courts of Justice. The indictment set out a count of bribery under section 7 of the Bribery Act 2010, alleging that the bank’s sister company (Stanbic Bank Tanzania) increased the cost of a $600m sovereign loan by a further 1% to be paid to induce members of the Government of Tanzania to show favour to Stanbic and Standard Bank’s proposal. The offence arose out of the inadequacy of the ... Read More
Nov 20, 2015 High Court considers threshold test in security for costs applications An order for security for costs requires a party to pay money into court or provide a bond or guarantee as security for their opponent's costs.  This feature of the English Civil Procedure Rules is intended to mitigate the potential injustice faced by a successful defendant who is unable to recover his legal costs. In Ras Al Khaimah Investment Authority and others v Bestfort Development LLP and others [2015] EWHC 3197 (Ch) the High Court recently considered the standard which defendants have to meet to satisfy the court that, without an order for security for costs, enforcement of a ... Read More
Nov 20, 2015 Pressure continues to mount for serious reconsideration of the “Criminal Court Charges” imposed by the joint coalition but just what are these charges and what are their implications? What are the charges? From 13th April 2015 it has become mandatory for the Court to impose Criminal Court Charges in the event of a guilty plea or conviction. These charges are as follows: Magistrates Court Guilty plea – summary only offence £150 Guilty plea – either way offence £180 Conviction after trial – summary only offence £520 Conviction after trial – either way offence £1,000 Crown Court Guilty plea - £900 Conviction after trial - £1,200 What are the implications of the charges? At their introduction Chris ... Read More
Nov 11, 2015 The Right to Inspection of Documents Under CPR31.14 In late 2013, as part of its new Kleptocracy Initiative, the Department of Justice initiated civil forfeiture proceedings in Washington to seize over US$458million allegedly taken by former Nigerian president General Sani Abacha and his associates whilst General Abacha was in office. Approximately US$100million of the assets subject to the proceedings are held in London and accordingly, the DOJ sought the assistance of the UK authorities. In one of the first cases to be heard under the new Part 4A of the Proceeds of Crime Act 2002 (External Requests and Orders) Order 2005, the National Crime ... Read More
Oct 12, 2015 ‘Third Party Intervention in confiscation proceedings: Considering the Human Rights Impact of Sections 1, 2 and 4 SCA 2015’ The involvement of third party claimants in confiscation proceedings creates a new source of work for asset forfeiture practitioners. It is incumbent on practitioners representing third parties to be able to advise their clients on these new provisions and the likely outcomes of their claims. This article examines the practical impact of the relevant provisions of the Serious Crime Act 2015 (SCA) on third parties Article 6 and Article 1 Protocol 1 rights under the European Convention. To read the Full Article Click Here For more information contact the author.   About ... Read More
Sep 11, 2015 ‘Overview of Chapter 1 Serious Crime Act 2015’ In this month’s Lawyer2B magazine, read Gillian Bradbury’s student's guide on the amendments to Proceeds of Crime legislation brought about by the Serious Crime Act 2015. The full article is available to subscribers here:    About Gillian Gillian Bradbury is a solicitor in the criminal fraud team specialising in fraud, white collar crime, restraint and confiscation. She is currently representing a director accused of corruption under the Prevention of Corruption Act 1906, ... Read More
Oct 5, 2015 The Brokers LIBOR trial begins "This week the trial began for the six brokers who will face prosecution in the global LIBOR investigation. The trial comes more than seven years after U.S. regulators first examined how LIBOR rates were set, and a global investigation which led to 21 individuals charged, some of the world's leading banks being fined around $9 billion and a “complete overhaul” of the regulatory regime. This overhaul included the Financial Conduct Authority (FCA) amending existing legislation to make the setting of LIBOR a “regulated activity” and the creation of two new SIF ... Read More
Aug 3, 2015 Who's to Blame? In an article for Lawyer monthly magazine, Tom Littlechild of Byrne and Partners looks at whether it is appropriate to apportion criminal blame to individuals in the context of corporate fraud prosecutions. Corporate crime is now seen as a threat to the very fabric of western capitalist democracies. Since the 2008 financial crisis, a wave of public opinion has called for blame to be apportioned within the ‘corrupt’ corporate world, and the issue has become highly politicised. Indeed, even Russell Brand (who purports to speak on behalf of the ... Read More
Jul 15, 2015 High-pressure sales: The changing face of boiler room 'scams' In a new article in Professional Advisor, Gillian Bradbury notes that the way alleged ‘boiler rooms’ are being prosecuted is changing. This change is based in part on the way operations are being run and in part on the type of investment being sold. We are leading the way defending clients involved in these proceedings by putting the Crown to proof on every aspect of their case. The Crown has hurdles to overcome to prove the conspiracy and each individual’s intention to defraud investors. It is not sufficient to say that being involved in these operations automatically ... Read More