What counts as Serious Fraud?
December 14, 2022The term ‘serious fraud’ usually refers to white collar crime and often includes bribery, corruption, or money laundering. Serious fraud crimes are usually high-value financial crimes or frauds which are very complex in nature.
When we reference “white collar crime”, this phrase is generally used to describe serious financial and business crime such as fraud, insider trading, money laundering, tax evasion, and VAT fraud. Both individuals and businesses can become the subject of serious fraud office investigations.
Some examples of crimes that fall under the heading of ‘serious fraud’ include
Advance fee fraud
Computer fraud
Copyright fraud
Forgery
Fraud by abuse of position
Fraud by false representation
Fraudulent investment schemes
Identity fraud
Insider dealing
Insurance and benefit fraud
Many people tend to associate serious fraud offences with organised crime groups. However, fraud defence solicitors often act on behalf of law-abiding clients who find themselves being investigated concerning allegations of serious fraud.
How are serious fraud offences investigated?
Serious fraud offences are investigated by the Police, Her Majesty’s Revenue and Customs (HMRC), Trading Standards and the Serious Fraud Office. The Serious Fraud Office (SFO) is a specialist prosecuting authority. Its function is to combat serious or complex fraud, bribery and corruption.
The Serious Fraud Office investigates and prosecutes allegations of high value and complex fraud. The Director of the SFO may investigate any suspected offence which appears to involve serious or complex fraud, bribery or corruption.
Being investigated by the Serious Fraud Office is a serious matter. If you are being investigated by the SFO you should contact a professional serious fraud solicitor as soon as possible. Seeking the right legal advice at the start of an investigation can have an impact on whether you face prosecution, so it’s always advisable to speak to a fraud defence solicitor as quickly as possible.
What are the consequences of committing serious fraud?
Cases of serious fraud may take several years to investigate and can have severe consequences. Those found guilty of serious fraud may face unlimited fines or up to 10 years in prison.
It is likely that the Proceeds of Crime Act will also be initiated when a person is prosecuted or convicted of serious fraud. This is where the Court has the power to recover the assets of an individual, irrespective of whether those assets are themselves the Proceeds of Crime.
How can a fraud defence solicitor help?
If you or your company are under investigation for serious fraud or are being prosecuted, it is essential that you seek help from an experienced Fraud Defence Solicitor as soon as possible. Look for a defence solicitor who is experienced in serious and complex fraud.
If you are being investigated by the Serious Fraud Office or any other investigative body, the choices you make during the investigative process can have a crucial impact on the decision to prosecute. Furthermore, if a prosecution does subsequently take place, it is essential that the correct tactical decisions take place at an early stage.
Cunninghams are Fraud Solicitors based in Manchester, with over 20 years experience in defending clients facing charges of serious and complex fraud. Cunninghams are experienced in representing clients interviewed by the investigative authorities and have a proven success rate in representing in Court those unfortunate enough to face prosecution in this complex area of criminal law.
It is never too early to seek expert legal advice if you are suspected of any type of serious fraud. Cunninghams initial advice is always free of charge. Contact us on 0800 051 2542 or enquire online.