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Criminal proceedings/matters concluded

Posted on 10 December 2024

Successes 

The SFO achieved successes, including a conviction in the Axiom fraud case, where the orchestrator Timothy Schools received a 14-year sentence for defrauding investors of over £100 million. Another successful prosecution was in the case of GPT Special Project Management, where a former MoD official was convicted of accepting bribes and sentenced to 30-month prison sentence and received a £123,000 confiscation order. 

Monitoring of convicted offenders 

The SFO's prosecution of David Hardie for breaching a Serious Crime Prevention Order, following conviction for fraud in 2018, reflects the agency's commitment to continuous monitoring of offenders and prevention of re-offending. 

Legal Developments 

An appeal by David Ames of The Harlequin Group provided helpful legal insights. Ames' failed appeal concerning his company's fraudulent property scheme led to a clarification of section 4(1)(c) of the Fraud Act 2006, confirming that the intention to make a gain or cause loss, is sufficient, regardless of the fraud's outcome.  

Challenges Faced 

Some of the challenges faced by the SFO were highlighted by the collapsed G4S case. The case's abandonment after a decade-long investigation raised questions about the SFO's processes, particularly around disclosure, and highlighted their poor track record of successfully prosecuting individuals following Deferred Prosecution Agreements with corporates. The SFO have now reached a settlement agreement with the acquitted defendants worth £2.9 million.  

The Libor prosecutions and failed appeals by the defendants have placed the UK at odds with the USA, where similar convictions were overturned, sparking debate over the criminalisation of financial benchmark manipulation. The defendants' appeal to the UK Supreme Court is a development to watch, as lawyers for the defendants argue Britain is the only country where it is illegal for traders to take account of commercial considerations when submitting rates.

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