Fraud is a very serious offence which can have grave consequences. Corporate Fraud and Business Crime happens when companies and businesses face liability for their actions and those of their employees. This means that directors may be subject to severe sentences as a result of the actions of their employees. Or, for fraudulent business dealings and serious fraud for financial gain.

There are now a number of specialist agencies working to investigate and prevent Corporate Fraud offences. These include the Serious Fraud Office, the Financial Conduct Authority, the National Crime Agency and the Office of Fair Trading. It is important to cooperate with the investigating authority and aim to have the matter concluded before court.

Corporate Fraud allegations can be incredibly damaging to reputations, and punishments can be severe. Sentences will vary depending on the amount of harm done (usually by way of financial assessment). The degree of involvement of fraudulent activity, and the type of serious fraud involved. Often the preferred solution is a “Deferred Prosecution Agreement” where a company agrees to pay a specified sum, or percentage of profits, in return for the prosecution being deferred, however negotiating this can become very complicated. That’s why you need a specialist fraud solicitor who can defend you against criminal prosecution.

In addition, the Government is now planning to introduce a new failure to prevent fraud offence for corporations whose employees commit fraud offences. This means that the onus on corporations to put in place rigid fraud prevention measures is even greater. If you have any concerns about these measures within your organisation, we can assist.