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Two years imprisonment for insider trading offences

A former employee of Schroders Investment Management was sentenced to two years imprisonment yesterday having pleaded guilty to nine counts of insider trading between 2000 and 2013. The case was prosecuted by the Financial Conduct Authority (FCA) at Southwark Crown Court. Insider trading is a form of market abuse and is an offence contrary to…

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City Police to use private law firms to confiscate assets

The City of London Police have announced a scheme to work with private firms of solicitors  to freeze assets and compensate the victims of fraud. The City of London Police has established a working group which also includes the National Crime Agency (who have their own powers under Part 5 of the Proceeds of Crime…

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Sweett Group plc becomes the first corporate to be convicted under the Bribery Act

On 19 February 2016 at Southwark Crown Court HHJ Beddoe imposed a total penalty of £2.35 million against Sweet Group plc for committing an offence contrary to section 7 of the Bribery Act 2010. Section 7 of the Bribery Act provides that a company will be guilty of an offence if an “associated person” (someone…

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A1P1 proportionality and civil recovery orders

In Sanam v National Crime Agency [2015] EWCA 1234, in which Brett Wilson LLP acted for the Appellant, the Court of Appeal was faced, for this first time, with the question of the proportionality of the making of a civil recovery order in a claim by by the National Crime Agency (NCA) under Part 5…

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Confiscation orders and compensation orders

In Davenport [2015] EWCA 1731 the Court of Appeal was concerned with the unusual situation where both a confiscation order and a compensation order had been made against the Defendant following his conviction for conspiracy to defraud. Davenport had masterminded a sophisticated advance fee type fraud and the criminal benefit from his offending was agreed…

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Supreme Court holds that use of a loan facility can amount to a breach of freezing injunction

In JSC BTA Bank v Ablyazov [2015] UKSC 64 the Supreme Court considered whether the proceeds of loans fell within the definition of assets restrained by a freezing injunction. The decision arises in long-running litigation instigated by the Claimant bank against its former chairman for the misappropriation of funds. The Claimant bank had obtained judgments…

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Production order: period for compliance

The scope and lawfulness of a Production Order was the subject of a judicial review in the Divisional Court in R (on the application of Chatwani and others) v National Crime Agency [2015] EWHC 1284. The Claimants were subjects in a wide ranging money laundering investigation. They were directors of a group of over 40…

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Benefit obtained from seized drugs

In Regina v Freshkumar Kakkad [2015] EWCA 385 the Court of Appeal sought to draw a line in the sand on the question of applying the Waya proportionality principle to the benefit obtained by the acquisition (and loss) of controlled drugs. This was an appeal against a confiscation order in the sum of £324,184 following…

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Trading Standards confiscation order quashed

The case of Regina v Eric John Moss [2015] EWCA 713 concerned a trading standards prosecution which gave rise to a confiscation order in the sum of £83,000. The Court of Appeal gave judgment in an appeal against the making of that Order and it was ultimately successful. The Appellant was an elderly cattle farmer…

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Confiscation relates to trial on indictment

In Crown Prosecution Service v Croydon Crown Court [2015] the Divisional Court ruled it had no jurisdiction to hear an application for judicial review of the decision of a Crown Court judge to refuse to extend time to hear confiscation proceedings. The Crown Court’s administration of confiscation proceedings clearly related to trial on indictment and…

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Articles are intended as an introduction to the topic and do not constitute legal advice.

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