A director of a Staffordshire refrigeration company was recently jailed for 44 months after pleading guilty to charges of false accounting, fraud and theft.
The man had been perpetrating a fraud against the company he worked for, which involved falsifying rental agreements, disposing of the company’s assets and misappropriating funds. The fraud was eventually detected and the director was charged after the company had failed.
He had used the proceeds of the fraud to buy a villa in Marbella, Mercedes cars, a 47-foot yacht and a luxury home in Derbyshire.
However, the court also handed down a confiscation order of £919,482.
Recently, two men who failed to pay confiscation orders, after being part of a VAT fraud said to have netted more than £35 million, have had their prison sentences increased by a further ten years. The two, who were part of a gang of 21 engaged in ‘missing trader’ fraud, now face sentences totalling 34 years and still face liability for the orders.
Company Director Faces Massive Confiscation Order
The courts are increasingly exercising the powers given them by the Proceeds of Crime Act 2002 to confiscate assets of criminals and to use the seized assets to compensate their victims.
If you have been the victim of commercial fraud and the perpetrator has assets, establishing your losses may lead to your receiving compensation.
If you have been the victim of commercial fraud and the perpetrator has assets, establishing your losses may lead to your receiving compensation.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
