VAT & Missing Trader Fraud
VAT fraud and Missing Trader fraud frequently involve very complex intra company trading arrangements between UK and European Union based companies, involving goods, such as computer chips and mobile phones. Such frauds are often referred to as computer chip frauds or mobile phone frauds with a carousel of companies involved – hence carousel fraud.
Prosecutions for VAT fraud are long and complex and require expert legal defence representation. Conviction frequently results in substantial sentences of imprisonment and orders for confiscation under the Proceeds of Crime Act. Obtaining expert defence solicitors at an early stage is vital. Legal Aid may be available for legal defence representation in VAT Fraud cases.
Boiler Room Fraud
Boiler Room fraud tends to operate from overseas in countries such as Spain, United States, Switzerland or the Middle East, meaning that they are outside control of the Financial Services Authority and the regulation of share dealing under the Financial Services and Market Act 2000.
The operation is alleged to involve the selling of worthless or low value shares. Potential investors are often cold called from overseas and made the subject of highly sophisticated and persuasive sales pitches.
Often individuals accused of this kind of fraud are to some extent victims themselves because they have been recruited not knowing that they are a party to a fraud, in other words they are unwitting players in the boiler room scam.
Insider Dealing & Market Manipulation
Insider dealing and market manipulation are very damaging to the economy and taken seriously by the authorities. Under the Criminal Justice Act 1993, it is a criminal offence to trade in securities with ‘insider information’. The Act creates three kinds of offences:
- Dealing in securities when in possession of inside information.
- Having inside information and encouraging another person to deal.
- Having inside information and telling it to another person, otherwise than in proper performance of employment office or profession.
Tax investigations by the HMRC into your personal tax affairs can sometimes be very judgemental. Good accountants can often resolve these matters at an early stage, but if you are prosecuted or become the subject of a criminal enquiry clients are in need of expert legal advice.
Working with your existing accountant, or indeed employing the services of specialist accountants, our aim is to draw a halt to any criminal proceedings as soon as possible and to defend your position vigorously should HMRC persist.
If you have been accused of VAT or Tax fraud it is essential that you get immediate legal advice.
Ponzi Scheme Fraud
A Ponzi scheme is a fraud named after Charles Ponzi who perpetrated his fraud during the 1920’s.
A Ponzi scheme is a fraudulent investment scheme offering very high returns to investors over a short period. After people invest returns are paid to separate investors not from profits earned but usually from money invested by new investors. The new investors pay the old investors and so the word spreads. Many people are unaware that a fraud can be charged even if there is no financial loss to anybody. Eventually the scheme usually collapses and the scheme originator disappears along with all the investments. Often these schemes are stopped by regulators long before a collapse of this nature due to the fact the promoter is often selling unregistered securities.
If you are accused of this fraud you are likely to be involved in financial services and as such your reputation is vital to you. Even if no criminal charges are brought it may trigger other sanctions if the Financial Conduct Authority (FCA) starts an investigation.