By
Kyle Brasseur2024-03-13T15:47:00
The U.K. Serious Fraud Office (SFO) announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
Carlauren Group entered administration in November 2019, exposing approximately 600 people and company investors. The SFO said in a press release Tuesday it is investigating alleged fraud totaling 76 million pounds (U.S. $97 million).
“This company’s abrupt collapse has created turmoil and enormous anxiety for many, with elderly people forced to vacate their homes and investors left with nothing,” said SFO Director Nick Ephgrave in the release. “[These] arrests are a major development in our investigation and a step towards getting the answers so many people need.”
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Fraud prevention is about to get more complicated with penalties rising sharply for U.K. organizations. Starting Sept. 1, larger businesses will be liable to criminal prosecution if any of their employees–or an agent, subsidiary, or other “associated person”–commits fraud that is intended to benefit the company.
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The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
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The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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