Q: Will I lose my assets if I am convicted of a fraud act offence?

Your assets may be restrained if you are charged with an offence, but your assets cannot be forfeited unless you are convicted, which means pleading guilty or being found guilty in court. Even then, the court's powers to confiscate the proceeds of crime are limited to the actual level of financial benefit.

Question 1

What is fraud under the Fraud Act 2006?

Accepted Answer

Fraud is a word generally used to describe (usually financial) crime committed with dishonesty. Fraud in the Fraud Act usually means either telling a lie or making a false statement, failing to disclose something when you have a duty to, or abusing a position you have, such as when you are an employee or a paid advisor, for a financial gain.

Question 2

I have been accused of fraud even though I didn't do anything. How can I be guilty?

Accepted Answer

Fraud can happen by omission or by failing to act to protect somebody's interest when you have a duty to, but only if not doing the thing that could result in someone else's loss was done dishonestly. People can also be guilty of conspiracy to commit an offence under the Fraud Act. This could mean that they assisted or encouraged a fraud even if they weren't the main party, but they would have to have known about the fact that it was a fraud.

Question 3

Will I go to prison for a fraud act offence?

Accepted Answer

First of all you have to be charged with an offence, and then you either have to plead guilty or the prosecution has to prove you committed the offence beyond reasonable doubt. Only then will a judge decide whether to send someone to prison. That will depend on a number of factors, such as the amount of money gained, lost or put at risk, the role of the person in the case (was he or she the main organiser of the fraud or less significant), and the personal circumstances of the defendant. Most people investigated for fraud do not end up in prison. Take legal advice from a properly qualified Fraud Act solicitor specific to your case rather than read random cases online, as tempting as that can seem.

Question 4

Will I lose my assets if I am convicted of a fraud act offence?

Accepted Answer

Your assets may be restrained if you are charged with an offence, but your assets cannot be forfeited unless you are convicted, which means pleading guilty or being found guilty in court. Even then, the court's powers to confiscate the proceeds of crime are limited to the actual level of financial benefit.

Question 5

What is a forensic expert witness in a fraud case?

Accepted Answer

Solicitors and barristers use independent experts to make points in court about technical things that they are not qualified to speak on. This might include evidence from a forensic accountant who explains where money from a fraud has ended up, or a computer expert who retrieves deleted files which are evidence for the defence or prosecution.

A Fraud Act case can feel overwhelming. We can bring back your confidence.

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