News

Press Release Archive

2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000

30 June 2009

SFO restrains $100M in Allen Stanford Case

Following developments in the US where Allen Stanford was taken into FBI custody in a criminal investigation, the SFO can now reveal that responding to a formal request from the US Department of Justice, it has obtained a restraining order over $100 million of assets believed to be held at certain London financial institutions. The order is in connection with Robert Allen Stanford, Stanford International Bank and others.

23 June 2009

Financial consultant defrauded British ‘expats’

Expatriates in Indonesia were defrauded of over US$800,000 by purported financial advisor Alan Gardner, a jury determined yesterday. Gardner created a fictitious foreign currency trading scheme, supposedly backed by the reputable Swiss bank UBS, offering 48% returns per year. The scheme was a sham in which four British and a Canadian expatriate were defrauded in a classic case of a high-yield investment fraud. Gardner was sentenced by HHJ Hooper at Worcester Crown Court to six years imprisonment.

19 June 2009

Four sentenced in a $10 million "Ponzi" fraud

Four men who operated high-yield investment schemes have been sentenced today to a total of over ten years after admitting their participation in defrauding investors worldwide of a total of US$10 million. A fifth man was sentenced in September 2008. At the centre of the fraud, entailing one of the most complex investigations undertaken by the SFO and Cheshire Police, was a project to extract gold from spent ore, though not an ounce was produced, and no revenue generated.

10 June 2009

SFO appoints Chief Information Officer to lead the technology charge against serious fraud

The Serious Fraud Office has appointed Josh Ellis, a former Regional Director of Forensic Services from PricewaterhouseCoopers to the new post of Chief Information Officer.

5 June 2009

Welsh Slate: Third defendant pleads guilty

A former sales director of Alfred McAlpine Slate Ltd (“Welsh Slate”), a subsidiary of Alfred McAlpine plc, pleaded guilty today at Caernarfon Crown Court to fraudulent trading. Two other directors have already pleaded guilty to the same offence.

15 May 2009

Properties searched in Weavering hedge fund investigation

The SFO today conducted searches on two residential properties (one in Kent, the other in Surrey) assisted by the City of London Police, in connection with its investigation into an alleged fraud involving the recently collapsed hedge fund, Weavering Capital.

8 May 2009

Welsh Slate: Two plead guilty to overstating sales

Two former directors of Alfred McAlpine Slate Ltd (“Welsh Slate”), a subsidiary of Alfred McAlpine plc have pleaded guilty to fraudulent trading at Mold Crown Court.

16 April 2009

Financial adviser jailed for six years

Alan Richardson, a Lincolnshire financial advisor, was sentenced to six years imprisonment today after he admitted his money lending business lost £1.2 million of investors’ funds through trading fraudulently. His business, MFC Finance Ltd, was touted as a high-yielding investment vehicle. Instead he diverted the funds as loans to businesses he owned.

2 April 2009

Buy-to-let fraudsters jailed

At Newcastle Crown Court today, five directors of a property investment group were sentenced after admitting they had defrauded investors of millions of pounds. The Practical Property Portfolio companies of Gateshead, which handled buy-to-let investments of around £80 million, were used to pay the directors’ excessive salaries and fund lavish lifestyles involving luxury cars, fine art and antiques and racehorses.

26 March 2009

SFO investigates property investments bank loans

The Serious Fraud Office has commenced an investigation, together with City of London Police, into an alleged fraud on the Corporate Banking Department of Allied Irish Banks Plc.

20 March 2009

Four year ban for boiler room fraudster

Twice convicted fraudster Haroon Khatab has been ordered not to conduct investment and financial management business for four years after his release from prison. The Serious Crime Prevention Order is the first in an SFO prosecution. Khatab, who is currently serving consecutive sentences amounting to 3 years, 3 months has also been disqualified from acting as a company director for 10 years. [This is a website posting not a press release.]

20 March 2009

Call Us - because you don’t want us calling you, SFO tells accountants and lawyers.

For the first time the Serious Fraud Office is to use paid for advertising to get the message across that those who discover fraud are better off letting the SFO know about it than waiting for a knock on their door or a conversation at the police station. In the wake of the credit crunch and demands for action by the public the SFO is stepping up all efforts to gather information.

4 March 2009

Serious Fraud Office questioning Archers’ Matt Crawford over possible fraud in Ambridge

It’s a role reversal for the Serious Fraud Office to be helping with inquiries, but this is just what happened when the BBC knocked on its door. The SFO helped develop a story line with the BBC for its long running radio 4 drama, The Archers.

25 February 2009

Independent Insurance fraudsters ordered to pay over £1 million confiscation

The final confiscation order was made today in the Independent Insurance fraud. Philip Condon was ordered to pay £1,280,896. A confiscation order against Dennis Lomas for £470,113 was previously ordered on 3 November 2008. On 30 October 2008, Michael Bright paid £1,258,467 through a civil settlement agreement directly to the Provisional Liquidators of Independent Insurance Group plc.

12 February 2009

SFO to look into AIG Financial Products Corp.

The Serious Fraud Office has today launched a preliminary inquiry into the UK operations of AIG Financial Products Corp., which is a subsidiary of American International Group, Inc. (AIG).

4 February 2009

Anglo Leasing - SFO to discontinue probe into Kenyan contracts

The Serious Fraud Office has discontinued the investigation into contracts secured with the Kenyan government by Anglo Leasing Finance and related businesses.

28 January 2009

Mark Atherton sentenced for boiler room fraud

Mark Atherton of St Ives Cambridgeshire was sentenced to one year’s imprisonment today at Ipswich Crown Court for his part in a large scale boiler room fraud being prosecuted by the Serious Fraud Office.

22 January 2009

SFO letter to the Guardian

In response to an article published in the Guardian on 21 January 2009, “Bankers accused of crisis face trials in US”, the following letter from the Director of the SFO was published in that newspaper today (22 January 2009). [This is a website posting, not an SFO press release]

19 January 2009

Jail for Bedfordshire frozen foods businessmen

Two men who operated a business supposedly producing Asian meals have been jailed for a £220,000 fraud. Fictitious performance and profit figures persuaded American backers to invest in Tahir Tandoori Frozen Foods Ltd. In reality, the business produced nothing after falling into the hands of a father and son team who pocketed investors’ money.

16 January 2009

Guilty pleas in a multi-million buy-to-let fraud

Five directors of a defunct property investment business have admitted their involvement in a multi-million pound property investment fraud. They have pleaded guilty at proceedings at Newcastle Crown Court relating to the activities of their companies they ran; PPP Ltd, Practical Property Portfolios Ltd and Napeer Holdings Ltd

15 January 2009

Xclusive on-line tickets “fraud”. Encouraging public response

Over 500 responses have been received following the appeal in November for evidence in the Serious Fraud Office and Metropolitan Police investigation into suspected on-line ticket fraud. A further arrest has been made and the SFO repeats its call for Xclusive customers to come forward with information.

12 January 2009

SFO appoints General Counsel

The Serious Fraud office has today announced a significant additional appointment to its leadership team, with the appointment of leading criminal barrister and fraud specialist Vivian Robinson QC.

8 January 2009

SFO to investigate Madoff

The Serious Fraud Office has announced today that it is opening an investigation into Bernard Madoff’s UK business operations. The focus of the investigation will be on UK victims and any criminal offences that might have been committed in the UK.

19 December 2008

Mobile phone dealers sentenced in £1.6 million trading fraud

Two directors of dealerships selling mobile phone products and services for agents such as Phones 4 U were sentenced today for abusing the introductory sales commission system. Jonathan Shulton and James Cahill, who pleaded guilty to fraudulent trading, were sentenced at Southwark Crown Court to two years, three months imprisonment and to 240 hours Community Punishment Order respectively. Directorship disqualifications apply and confiscation proceedings are underway.

15 December 2008

City Insiders and advisers asked to help prevent fraud

The Serious Fraud Office is consulting some of the biggest legal and accountancy firms in the world to ask them to help identify frauds in the wake of the credit crunch. At the same time the SFO is reaching out to City workers to see if they have an inside track when it comes to early fraud detection.

12 December 2008

Financial adviser jailed for commissions scam

Major insurance companies were defrauded by an independent financial advisor (IFA) into paying over £1 million in up-front commissions on fake policies a trial verdict confirmed today.

8 December 2008

Pension fund fraudsters ordered to pay over £1.97 million to victims

The final confiscation order was made today in the Cheney Pension Fund fraud. Ian Selby ordered to pay over £460,000. Orders against Kevin Sykes (£90,000) and Simon Maya (£1.46 million) were made earlier this year.

3 December 2008

Leave to appeal refused in alleged drugs price fixing case

Today, the Court of Appeal refused leave to the Serious Fraud Office to appeal against an earlier ruling in a case alleging drugs price fixing known as Operation Holbein.

26 November 2008

Five arrested during raids in Xclusive online ticket fraud probe

In an investigation into complaints about failure by companies to supply at least 4,000 tickets for events such as the Beijing Olympics and music festivals in the UK, four addresses in the London area were searched yesterday by Serious Fraud Office investigators and officers of the Metropolitan Police Service.

18 November 2008

More resources for anti-corruption work

Richard Alderman, Director of the Serious Fraud Office, has announced that the SFO is reallocating more resources to combat overseas corruption. He was speaking at an Anti-Corruption and Bribery conference in London today, where he told delegates that the SFO would be increasing the number of investigators it has on anti-corruption work from 65 to around 100 – an increase of over 50 percent. This work will be headed by Keith McCarthy, the SFO’s new Head of Anti-Corruption, who has a track record in this area.

5 November 2008

Welsh Slate: Three charged for overstating sales

Proceedings have been brought against two former directors and a former employee of Alfred McAlpine Slate Ltd (“Welsh Slate”), a subsidiary of Alfred McAlpine plc.

28 October 2008

SFO Director to visit US in wake of Credit Crunch

As fraud across the world is expected to rise in the wake of the credit crunch - the Director of the Serious Fraud Office, Richard Alderman, has announced that he is to visit Washington and New York to discuss closer ways of working with his US counterparts.

17 October 2008

Former solicitor jailed for six months imprisonment in corruption conspiracy

Nigel Heath, a former solicitor from Olney near Milton Keynes, was sentenced today for conspiring with others to corruptly give to the Attorney General of the USA or other US government law enforcement officers, $500,000 to lift a freezing order over bank accounts containing investor money obtained through a Ponzi-Fraud.

15 October 2008

Four company directors, previously sentenced in two separate trials, were given confiscation orders totalling approximately £1.8 million

David Nelson, Kay Boardman, Jeremy Green and Raymond Andrew Nevitt have, at Manchester Crown Court, been ordered to pay £1,758,378 by way of confiscation.

10 October 2008

Director of the Serious Fraud Office authorises appeal

The Director of the Serious Fraud Office, Richard Alderman, has decided to authorise an appeal to the Court of Appeal in an alleged NHS drugs fraud. The case is due to be heard in December.

9 October 2008

Serious Fraud Office announces new Head of Anti-Corruption

Director Richard Alderman has appointed Keith McCarthy as the Serious Fraud Office’s new Head of Anti-Corruption.

6 October 2008

Balfour Beatty plc

Serious Fraud Office successfully obtains first ever Civil Recovery Order involving major plc.

1 October 2008

SFO not to investigate TV phone in programmes and competitions

The Serious Fraud Office has considered allegations relating to television phone in programmes and competitions.

29 September 2008

Vintage Wines of St Albans – Four sentenced

Four defendants have been sentenced today at Southwark Crown Court for operating a fraudulent wine investment business, Vintage Wines of St Albans Ltd.

29 September 2008

Imperial Consolidated Group

Nicholas Grant Fraser was acquitted by jury today at Blackfriars Crown Court of conspiring together with Jared Bentley Brook, Lincoln Julian Fraser and others between 1 January 1998 and 30 June 2002 to defraud investors in investment schemes established, promoted and operated by the Imperial Consolidated Group of Companies.

23 September 2008

Solicitor guilty in corruption conspiracy

Nigel Heath, a former solicitor from Olney near Milton Keynes, pleaded guilty today at Birmingham Crown Court, to conspiring with two other persons to corruptly give to the Attorney General of the USA, or other US government law enforcement officers, US$500,000 to lift a freezing order on bank accounts holding money received from investors and paid into the accounts by or on behalf of US citizen Terry Dowdell and/or the Vavassuer investment scheme. He is to be sentenced on 17 October at Birmingham Crown Court.

10 September 2008

PROCEEDINGS ISSUED OVER IRREGULARITIES AT SOUTH YORKSHIRE TRADING STANDARDS UNIT, SHEFFIELD

The Serious Fraud Office (acting in partnership with South Yorkshire Police) have issued criminal proceedings against three men in connection with alleged dishonest activity committed at the now defunct South Yorkshire Trading Standards Unit (SYTSU) in Sheffield.

30 July 2008

BAE/Saudi defence contract: House of Lords ruling on the discontinued investigation

The Serious Fraud Office welcomes the House of Lords decision to allow the appeal against the judgement of the Administrative Court. This means that the SFO’s former Director, Robert Wardle, acted lawfully in discontinuing an investigation into alleged bribery and corruption surrounding the BAE contract to supply Tornados to the government of Saudi Arabia (The “Al Yamamah” contract).

17 July 2008

SFO publishes its annual report for 2007/08

The Director of the Serious Fraud Office has submitted his annual report to the Attorney General for presentation to Parliament today. The report covers the period 5 April 2007 to 4 April 2008.

11 July 2008

R v Goldshield Plc and others

Serious Fraud Office to appeal the judgement of Mr Justice Pitchford handed down at Southwark Crown Court today.

1 July 2008

Fraud investigators search offices and homes in suspected asset stripping case

Serious Fraud Office investigators, together with officers from Staffordshire Police, West Midlands Police and Greater Manchester Police conducted searches today at five addresses in connection with an investigation into Boston & Maine, a business partnership based in Staffordshire.

1 July 2008

Severn Trent Water fined £2 million in fraud action

Severn Trent Water Ltd has been fined £2 million at the Central Criminal Court today for providing false leakage data to the industry regulator Ofwat. This follows a prosecution brought by the Serious Fraud Office earlier this year. Severn Trent Water (“STW”) had admitted two offences under the Water Industry Act 1991.

10 June 2008