SRA confirms ‘potential fraud and missing client money’ at PM Law
The Solicitors Regulation Authority has formally confirmed it is investigating “potential fraud, including the misappropriation of client money” at the Sheffield-based law firm PM Law after it unexpectedly closed on Monday 2nd February. In a statement published on the SRA website, Jonathan Peddie, executive director of legal and enforcement, confirmed the regulator is looking into […]
Fraudulent marriage and will exposed in complex estate fraud case
A court has upheld the will of a 46-year-old woman who left her £500,000 estate in trust for her teenage daughter, and rejected claims the will was replaced favour of her “abusive and toxic” partner. Chief Master Karen Shuman upheld the 2022 will of Kassy Sinar, who died in October 2023 aged 46, and rejected […]
Safe Hands owners subject to conspiracy to defraud charges
Two senior executives involved in the collapse of Safe Hands Plans, the prepaid funeral business which went into administration in 2022 leaving 46,000 plan holders owed an estimated £70.6 million, have been charged with conspiracy to defraud by the Serious Fraud Office (SFO). In a press release issued yesterday (Thursday), the SFO confirmed it had […]
FCA launches Firm Checker to fight financial crime
The Financial Conduct Authority (FCA) has today launched Firm Checker, a tool for consumers to quickly and easily check whether firms are authorised to provide financial services. Around 800,000 people reported losing money to investments or pensions‑related scams in the 12 months to May 2024, according to FCA research. The regulator has launched Firm Checker […]
FCA raise romance scams warning as victims lose over £100m
Victims of so-called romance scams are being conned out of tends of thousands of pounds; with one victim losing more £428,000 according to the Financial Conduct Authority (FCA). The regulator estimates such scams cost victims as much as £106m last year. Cases have risen 9% in the last 12 months prompting the FCA to issue […]
Solicitor jailed after £85,000 LPA fraud
A solicitor has been jailed and struck from the roll after stealing from vulnerable clients in a fraud involving Lasting Powers of Attorney. Alison Haley Griffiths, who specialised in wills and probate was convicted of fraud totalling over £85,000 and sentenced to 24 months in prison at Salisbury Crown Court. A subsequent Solicitors Disciplinary Tribunal […]
Grave Robbers; probate researchers’ role underplayed in BBC podcast
The hit BBC podcast Grave Robbers, part of the Shadow World series, has brought to public attention a little known fraud where criminals have been using the Bona Vacantia list to identify vacant and unclaimed estates, producing fraudulent wills and submitting them to be awarded grant of probate. Once the criminals have the grant, they […]
Dorset paralegal sentenced for stealing £11,500 in LPA fraud
A paralegal has been sentenced to 20 months imprisonment after she fraudulently used cheques and cash withdrawals to take money from clients for whom the firm was appointed attorney. Emma Amey, who worked at law firm in her home town of Poole, pleaded guilty to two counts of fraud by abuse of position at Poole […]
Mother and Grandfather found guilty of laundering daughter’s £50,000 inheritance
Two grandchildren have been defrauded of a £50,000 inheritance after their mother was ‘annoyed’ at being left less after the death of the grandmother. Following a trial last year, a proceeds of crime hearing at Swansea Crown Court delivered a verdict of fraud by abuse of power against Katherine Hill (52) and her father Gerald […]
‘Dead’ woman appears at her own High Court challenge after fraudster registered PoA over her estate
An ‘unusual’ probate claim ended in farce as a woman who was falsely declared dead has appeared in court via video from her home in Nigeria to challenge fraudsters who registered a power of attorney over her estate to take ownership of her property. The case centred around June Ashimola who left the UK for […]
SRA launches consultation on client monies
The Solicitors Regulation Authority (SRA) has launched its anticipated consultation on client money in legal services to review whether it remains appropriate for law firms to continue to hold significant funds in their accounts. The regulator announced plans to launch its consultation last week with SRA Chair Anna Bradley saying the reforms would tighten the […]
Successful cyber attacks up 77% year on year
The legal sector has seen a 77% increase in the number of successful cyber attacks increase by 77% over the past 12 months, from 538 in 2022/23 to 954 2023/24. The increase has been driven by the sensitive and personal nature of information held by firms, including financial information which can be sold on the […]
New-style scam alert warning
An outsourced compliance service provider has warned of a new-style scam they have intercepted involving criminals impersonating the Solicitors Regulation Authority (SRA). The methodology involves individuals contacting law firms alleging to be from the SRA and asking to attend their offices onsite for a “pre audit meeting.” Contact is made via phone call from a […]
The Legal Sector Faces “Unprecedented Levels of Fraud” in 2023
The legal sector in the UK has been warned to brace itself for an increase in fraud cases in 2023, following the largest ever fraud operation by the police, involving tens of thousands of suspected criminals across the globe. The operation was successful in dismantling an international fraud website known as iSpoof, which was being […]
How UWOs help in the fight against money laundering
Unexplained wealth orders (UWOs) were introduced four years ago to help tackle the problem of money laundering by high-net worth individuals, often with foreign and political connections. The concept of recovery of criminal proceeds has persisted in the UK for some time. Tools such as a civil recovery order have been available and commonly used […]
Consultation could pave the way for APP fraud refunds
A consultation from the Payment Systems Regulator could see legislation introduced forcing banks to refund those affected by authorised push payment (APP) fraud. APP fraud is typically perpetrated by criminals impersonating trusted individuals and organisations in order to trick people into authorising a payment to an account controlled by a criminal. The criminals will send […]
4 common ways criminals launder money
Money laundering costs the British economy around £37 billion each year. And with the legal sector under increasing scrutiny (and SRA site visits happening right now) it’s something firms should be placing front and centre of their risk planning. A review by the SRA into law firm AML compliance identified the failure to introduce “proper […]
Firms urged to review password hygiene as UK sees 116% increase in nuisance comms
New data from recent reports suggests that despite increased warnings to businesses and individuals to review cyber security measures, phishing scams and nuisance attacks are on the rise. A report released by the UK’s Information Commissioner’s Office (ICO) in conjunction with litigation firm Griffin Law, reveals that in the first six months of 2021 UK […]
HMRC investigates 3,574 IHT accounts in bid to claw back revenue
Law firm Pinsent Masons confirms that HMRC opened 3,574 investigations into Inheritance Tax (IHT) in 2020-21 resulting in £254 million in revenue. The firm also revealed that more people are now filing their own returns rather than seeking professional IHT advice in a bid to cut down expenses. But with more scope for error, HMRC […]
Current AML regime “does little to prevent money laundering”
Changes to the money laundering regulations should focus on increasing the effectiveness of efforts to tackle money laundering through a more risk-based and proportionate approach, said the Law Society of England and Wales in response to HM Treasury’s (HMT) call for evidence. The Call for Evidence is now closed and will consider the overall effectiveness […]