What happens when you are investigated by the Serious Fraud Office?
December 21, 2022What is the Serious Fraud Office?
The Serious Fraud Office (SFO) is a specialist prosecuting authority. Its function is to combat serious or complex fraud, bribery and corruption. The SFO is part of the UK criminal justice system covering England, Wales and Northern Ireland.
The Serious Fraud Office investigates and prosecutes allegations of high value and complex fraud. The Director of the SFO may investigate any suspected offence which appears to involve serious or complex fraud, bribery or corruption. When deciding whether to authorise an investigation, the Director will consider the actual or intended harm that may be caused to:
- the public
- the reputation and integrity of the UK as an international financial centre, or
- the economy and prosperity of the UK
What kind of fraud does the Serious Fraud Office investigate?
The term ‘Serious Fraud’ can cover a variety of allegations in which businesses and individuals can become involved, such as:
- Advance fee fraud
- Banking fraud
- Boiler room fraud
- Charity Fraud
- Computer fraud
- Conspiracy to defraud
- Copyright fraud
- Counterfeiting
- Credit card fraud
- False accounting
- Forgery
- Fraudulent investment schemes
- Fraudulent trading
- Identity fraud
- Insider dealing
- Insurance and benefit fraud
- Insurance fraud
- Investment fraud
- Mortgage fraud
- VAT Fraud
What happens when the Serious Fraud Office opens an investigation?
The Director of SFO must decide whether or not to open an investigation. Prior to an investigation opening, there is no public confirmation that allegations have been made against a company or individual. However, once the Director has formally opened a criminal investigation, this position may change. It might be that the company itself makes the information public upon being informed that they are under investigation from the SFO. This normally happens when a publicly listed company considers it must inform the public. Another reason for making the decision public is when there is a call for witnesses.
If an investigation results in a decision to prosecute, the Serious Fraud Office will then announce the relevant name and charges of the company or individual charged with the offence.
Investigations into serious fraud can be long and protracted; and in some cases years can pass before a decision is made as to whether the case proceeds to court.
How a Fraud Solicitor can help
If you or your company are under investigation by the Serious Fraud Office or are being prosecuted, it is essential that you seek help from an experienced Fraud Defence Solicitor as soon as possible. Look for a defence solicitor who is practised in serious and complex fraud.
If you are being investigated by the Serious Fraud Office, the choices you make during the investigative process can have a crucial impact on the decision to prosecute. Furthermore, if a prosecution does subsequently take place, it is essential that the correct tactical decisions take place at an early stage.
Cunninghams are Fraud Solicitors based in Manchester, with over 20 years experience in defending clients facing charges of serious and complex fraud. Cunninghams are experienced in representing clients interviewed by the investigative authorities and have a proven success rate in representing in Court those unfortunate enough to face prosecution in this complex area of criminal law.
It is never too early to seek expert legal advice if you are suspected of any type of serious fraud. Cunninghams initial advice is always free of charge. Contact us on 0800 051 2542 or enquire online.