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Case Summary: 

A group of fraudsters set up a fake law firm to defraud insurance companies in so-called "cash-for-crash" claims. One of the insurance companies they victimised has obtained an order for exemplary damages in a civil court in a fascinating cross-over between civil and criminal jurisdictions.

Type of conduct: 
Insurance fraud

In the wider world of financial services, there's a tendency to forget that there are regulators for other areas of commerce, too. In the UK, in accounting, the last stop for action relating to accounting and audit misconduct is the Financial Reporting Council. It's one of those bodies that replaces gravitas with slogans on its website (which is "flashy" but doesn't work properly) but when it gets its teeth into a case, it acts as a proper regulator. It levies only small fines but it's paying more and more attention to the big boys.

CoNet Section: 

The UK's Financial Conduct Authority has, far too late, waded into the scandal over businesses that offer completely unnecessary, and very costly, services relating to the mis-selling of Personal Protection Insurance. The industry around selling what amounts to little more than form-filling assistance and which has collected in excess of GBP1,000 million, has force-fed advertising and is now ramping up the pressure on those who have not yet made a claim. The FCA has countered with its own advert. It's rubbish and in the wrong place.

BIScom Subsection: 

A correspondent asks "As a UK individual how do I report / alert the US authorities to the a craptocurrency used by employees and the Chairman of a group of companies with offices in St Louis, Missouri ?"

Here's the answer, and it explains differences between OFAC and FinCEN, etc. reports.

BIScom Subsection: 

One would think that, after the revelation that more than GBP1,000 million had been collected by form fillers providing entirely unnecessary services for those claiming PPI refunds, the market would have died. Maybe you'd have thought that the action against those pretending to be official websites would have discouraged others from doing something similar. And, of course, there's law that spamming individuals is a crime. Welcome to Magnetise Media Ltd which says it's registered by the Claims Management Regulator and listed by the Ministry of Justice. Hopefully Trading Standards and the Information Commissioner have files, too.

BIScom Subsection: 

A report in yesterday's Law Society's Gazette quotes a passage from a speech given by David Green, the outgoing head of the Serious Fraud Office under whose watch the SFO's performance has seen a significant improvement. But there is one area where this publication forcefully disagrees with him: the development of US-style Deferred Prosecution Agreements. In his speech, he speaks strongly in favour of them, it is reported.

CoNet Section: 

A director entered into an agreement to bribe someone into making sure the company was awarded a contract worth GBP6 million, approx. A new CEO found out, prevented payments, filed a suspicious activity report, asked the police to investigate. Then it all got complicated ...

FCRO Subsection: 

In the trials (there were two) of Peter Hall, et al, for fraud, a company, TAD Services Limited was named.

There's a interesting back-story - and Google makes a guest appearance as a company that was paid to participate in the scam.

CoNet Section: 

Case Summary: 

Six people were convicted and sentenced to jail terms following their convictions for fraud. They set up websites that were close copies of websites of various governments, promising to perform various services for which they had no legal authority or ability to perform.

Type of conduct: 
Computer crime

A Gambling Commission investigation revealed that between November 2014 and August 2016 the gambling business William Hill Group breached counter-money laundering and social responsibility regulations.

The UK's housing loan crisis of the late 1980s to early 1990s and the US version in 2006 that led to the global financial crisis were both prefaced by three very specific warning signs. In the UK, all three warning signs are once more present.

CoNet Section: 

The UK's housing loan crisis of the late 1980s to early 1990s and the US version in 2006 that led to the global financial crisis were both prefaced by three very specific warning signs. In the UK, all three warning signs are once more present.

CoNet Section: 

Sixty-four year old Dharam Prakash Gopee has been convicted of being an illegal money lender. At Southwark Crown Court in London last week he was sentenced to three and a half years in jail. But it's the Financial Conduct Authority's action that makes the case interesting.

BIScom Subsection: 

According to a report in Business Insider, Mark Hayward, CEO of National Association of Estate Agents told the newspaper that “Fines are not publicly being made known but, anecdotally, we know they are significant,” The Money Laundering Regulations 2017 are at the heart of the HM Revenue and Customs action but The Criminal Finances Act also comes into play. The report refers to "fines" of "millions."

Case Summary: 

F.H. Bertling Ltd and six current and former employees have been convicted of conspiracy to make corrupt payments to an agent of the Angolan state oil company, Sonangol, in relation to F.H. Bertling’s freight forwarding business in Angola and a contract worth approximately $20m. One defendant was acquitted of the charges. Three of those convicted have been sentenced.

Type of conduct: 
Corruption

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