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Company Director Faces Massive Confiscation Order



The courts are increasingly exercising the powers given them by the Proceeds of Crime Act to confiscate assets and to use the seized assets to compensate their victims.

A director of a Staffordshire refrigeration company, UK was recently jailed for 44 months after pleading guilty to charges of false accounting, fraud and theft.

The man had been perpetrating a fraud against the company he worked for, which involved falsifying rental agreements, disposing of the company's assets and misappropriating funds. The fraud was eventually detected and the director was charged after the company had failed.

He had used the proceeds of the fraud to buy a villa in Marbella, Mercedes cars, a 47-foot yacht and a luxury home in Derbyshire.

The court also handed down a confiscation order of £919,482.

Recently, two men who failed to pay confiscation orders, after being part of a VAT fraud said to have netted more than £35 million, have had their prison sentences increased by a further ten years. The two, who were part of a gang of 21 engaged in 'missing trader' fraud, now face sentences totaling 34 years and still face liability for the orders.

Source: Miller Rosenfalck