Christopher Burt, Senior Associate at Moon Beever writes for The New Law Journal on solicitor facilitated investment fraud.
In October 1997 the Law Society Fraud Intelligence Office issued a warning on solicitor facilitated investment fraud. Solicitors were advised that ‘fraudulent investment schemes are on the increase’ and that they ‘should exercise extreme caution if approached by individuals promoting such transactions’. Further warnings have since been issued and the Solicitors Regulation Authority (SRA) has intervened and taken disciplinary action. After peaking in the early 2000s, the scourge of solicitor facilitated investment fraud has once again started to increase. Investment fraud is a broad term which includes some of the most notorious scam investments such as diamonds, fine wine and art.
It also encompasses trading frauds (such as carbon credits and shares), land banking, and ostensibly complex bank instruments including bonds, guarantees and loan notes.
To read the full article in New Law Journal, New Law Journal - Christopher Burt (Please note, there is a paywall).