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FAQs about business fraud answered by our fraud solicitor
10 Oct 2022

The average person is familiar with the concept of fraud; one person lies to gain, usually under another person’s name. For example, taking out a credit card in someone else’s name is an example of fraud.

But when it comes to the world of business, the definition spreads further than just this and can have more extreme repercussions. So, if you find your business on the receiving end of a fraud accusation, you will need legal help.

At ABV Solicitors, we have an exceptional team of legal experts, and our fraud solicitor is always happy to talk to business owners about fraud allegations. We can advise you on how to engage with any ongoing investigations, and we will also liaise on your behalf. Great!

But if you have been accused of business fraud, you will likely have a few questions. In this article, our fraud solicitor answers common questions we receive from clients.

What is business fraud?

According to our fraud solicitor, business fraud is when a person, group of people or business misrepresent themselves. For instance, scammers who take a person’s money without placing it where they said they would are committing business fraud, and so are investment firms that do not place a client’s money into a stock.

Interestingly, it is rarely an individual on the receiving end of business fraud; it usually tends to be small to medium size corporations, as they are often bogged down with paperwork and are eager to make money.

It is worth noting that those who commit business fraud do so by using a range of tools, so someone may not notice until they have lost a lot of money.

What should I do if my company is accused?

You will need to contact our fraud team at ABV Solicitors.

If you have been accused of business fraud by HMRC or the police, we will take the spot of legally representing you and advise you on what to do next.

You will need to comply with any investigation, and we can help you do so. Also, it’s important not to panic!

How can you help?

As briefly touched on earlier, we can help by taking your place in meetings and assessments relating to fraud accusations. We can advise you on how to minimise the impact that such an investigation will have on your business and help you prevent this kind of situation from occurring in the future.

And, of course, if your case does go to court, we can represent you there too.

How can I prevent future accusations?

There are a few ways to prevent business fraud accusations.

The first is to know your business and staff inside and out. Oversee all areas and ensure that none of them is overly complicated, as this can be a smoke screen for fraud. Aim to look at any accounts (going in or out) at least once a week, and be sure to query any unusually large transactions.

Also, it can be worth investing in an accountant and having a member of our team on hand to represent your business.

What is the maximum penalty for business fraud?

If you are found guilty of fraud, the sentence will vary based on the severity.

In the UK, a sentence for business fraud can range from 12 months to 10 years of imprisonment. So, be sure to contact our team if you have been accused of this act.

An overview of fraud from our fraud solicitor

A short guide to HMRC investigations from our fraud solicitor