Financial

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  • 23 Feb 2024 12:38 PM | Anonymous member (Administrator)

    The UK anti-fraud agency has raided three residences and made four arrests in North West England in relation to an investigation into Signature Group.

    The Serious Fraud Office (SFO) has announced it is investigating Signature Group, a business that attracted over a thousand investors in the redevelopment of landmarks including Belfast’s Scottish Mutual Building and the Coal Exchange in Cardiff.

    https://www.cityam.com/sfo-launches-probe-into-140m-property-fraud/


  • 23 Feb 2024 12:11 PM | Anonymous member (Administrator)

    An individual who ran a £2.7mn investment fraud and was jailed for nine years has now been banned by the Financial Conduct Authority.

    On February 3, Clint Canning, 45, of Barnston, Dunmow, was sentenced to nine years in prison and handed a 15-year director disqualification at Southwark Crown Court for conspiracy to commit fraud after being found guilty at the same court on December 15, 2022.

    https://www.ftadviser.com/regulation/2024/02/19/fca-bans-individual-serving-prison-sentence-over-2-7mn-investment-fraud/

  • 23 Feb 2024 12:07 PM | Anonymous member (Administrator)

    Lancashire-based Guy Flintham has plead guilty to defrauding investors at Southwark Crown Court today (February 19), after the Financial Conduct Authority launched proceedings against him.

    Between January 2016 and November 2021, the regulator alleged Flintham defrauded around 240 investors by persuading them to invest approximately £19mn in an investment scheme operated by the 46-year-old.

    https://www.ftadviser.com/fca/2024/02/19/individual-pleads-guilty-to-19mn-investment-fraud/

  • 17 Feb 2024 1:05 PM | Anonymous member (Administrator)

    A man who defrauded 310 victims of more than £12mn has been jailed for five years at Southwark Crown Court.

    onathan Arafiena, 35 from Nine Elms pled guilty to one count of money laundering and conspiracy to defraud on Friday (February 9).

    Two other individuals linked to the investment fraud scheme also pled guilty but received suspended sentences.

    https://www.ftadviser.com/investments/2024/02/14/individual-jailed-over-12mn-investment-scheme/


  • 17 Feb 2024 1:01 PM | Anonymous member (Administrator)

    The FCA has provided a progress update on their work in their recent publication, "Reducing and preventing financial crime", and they look ahead to identify four areas of focus in the coming year. In this article, we summarise the key takeaways regulated firms need to consider.

    https://www.shlegal.com/insights/fca-update-on-their-work-towards-reducing-and-preventing-financial-crime?16022024122853

  • 15 Feb 2024 1:19 PM | Anonymous member (Administrator)

    The Financial Conduct Authority said while it has a strong focus on enforcement investigations and prosecutions to combat financial crime, it is not a problem it can enforce its way out of.

    https://www.ftadviser.com/regulation/2024/02/12/fca-financial-crime-not-a-problem-we-can-enforce-our-way-out-of/

  • 15 Feb 2024 1:08 PM | Anonymous member (Administrator)

    Three men who laundered funds fraudulently obtained from 350 people who were tricked into investing more than £12 million in non-existent or worthless shares have been sentenced today.

    Some victims invested tens of thousands of pounds they had saved for their retirement and will have to continue working for longer than they had planned. The largest amount lost by a single victim was £300,000.

    https://www.cps.gov.uk/cps/news/criminals-who-laundered-fraudulently-obtained-life-savings-ps12-million-shares-scam


  • 15 Feb 2024 12:40 PM | Anonymous member (Administrator)

    A long-awaited report into the behaviour of the banks at the centre of the HBOS Reading scandal has been pushed back – meaning victims remain without closure more than a decade on from one of Britain’s worst corporate frauds.

    In January 2017, six people – two of them former HBOS staff – were convicted for criminal misconduct between 2003 and 2007.

    https://www.cityam.com/another-post-office-hbos-reading-fraud-scandal-report-delayed-yet-again/


  • 15 Feb 2024 12:24 PM | Anonymous member (Administrator)

    We are providing an update on our progress and looking ahead to identify 4 areas of focus in the coming year.

    Financial crime – including fraud, money laundering, sanctions evasion and terrorist financing – does enormous damage to society. It undermines market integrity and consumers’ and market participants’ confidence. Tackling financial crime requires a collective effort – from us, regulated firms, Government, law enforcement and our regulatory partners.

    https://www.fca.org.uk/publications/corporate-documents/reducing-and-preventing-financial-crime

  • 03 Feb 2024 3:31 PM | Anonymous member (Administrator)

    Soaring levels of authorised push payments fraud in the UK are turning consumers off digital banking, according to research conducted by Visa.

    APP fraud occurs when someone is tricked into transferring money to a fraudster posing as a genuine payee. Total losses due to APP scams exceeded £239 million in the first half of 2023 according to UK Finance, and one-in-three of those surveyed by Visa reported having fallen victim to APP fraud.

    https://www.finextra.com/newsarticle/43622/one-in-three-consumers-falling-victim-to-app-fraud---visa

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