Accounting Fraud in UK. Edmonds Marshall McMahon are experts in conducting accounting fraud prosecutions. We are a unique firm, staffed by solicitors, barristers and investigators, and have significant experience in ensuring that victims of fraud are compensated and that defendants are denied the proceeds of their crime. We often advise on theft and dishonesty in relation to solicitors, accountants and other professionals who have abused their position. As you may know, accounting fraud happens when a company’s assets are overstated or its liabilities are understated – this manipulation of the accounts is designed to make a company appear financially stronger than it really is.
Accounting fraud is part of a wider crisis in the UK. In January 2021, the Royal United Services Institute (“RUSI”), a defence and security think tank, published a paper explaining that fraud in the UK has reached epidemic levels. According to this paper, fraud is the “volume crime of our time”. There is certainly increased media attention around the issue – for example, shortly after the RUSI paper was published, the BBC reported that the UK’s fraud epidemic is now a “national security threat”. Notwithstanding greater awareness, the government’s fraud response continues to fail individuals and businesses. Budget cuts to the police and Crown Prosecution Service have limited the prioritisation of fraud offences, even as reports continue to rise. This state of affairs is at the heart of Edmond Marshall McMahon’s mission – as private prosecutors, we specialise in providing fraud victims with access to justice.
By way of background, although the majority of criminal prosecutions in England and Wales are conducted by public agencies, the right to pursue a private prosecution is expressly set out in statute. It is this power which Edmonds Marshall McMahon relies on to advise and achieve compensation for fraud victims. We regularly implement private prosecution strategies to ensure that those who engage in accounting fraud are held accountable in the criminal courts.
Edmonds Marshall McMahon understands that accounting fraud can often cause embarrassment, leading victims to batten down the hatches and ignore the crime. With this in mind, our firm works closely with clients to ensure that we understand a company’s culture and reputational concerns before commencing a prosecution. Whatever the fraud, please talk to us (free of charge) so we may advise on what is possible in your circumstances.