Fraud

Welcome to the home of fraud on Law-Now.

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Recent Articles

  •  
    10.01.2023
    England and Wales

    Please re­lease me - Court of Ap­peal cla­ri­fies how the scope of a set­tle­ment agree­ment will be con­strued

    The Court of Appeal has given guidance on the construction of a settlement agreement that is expressed to release claims unknown to either party at the date of settlement, confirming that claims in conspiracy (and fraud and dishonesty) were released even though the settlement agreement did not expressly mention such claims. Background Maranello Rosso Limited v Lohomij BV and others [2022] EWCA Civ 1667 concerned the sale by an auction house of a large collection of rare Ferraris, some of which were extremely valuable. The seller had purchased the collection using finance provided by Lohomij and...
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  •  
    05.01.2023
    United Kingdom

    Im­port­ant dead­line im­min­ent for Eco­nom­ic Crime Act

    Summary The Economic Crime (Transparency and Enforcement) Act 2022 has set up a new Companies House register for overseas entities that own certain property registered at the Land Registry in England and Wales or the Land Registers of Scotland or Northern Ireland. The Companies House register contains information about the entity and its beneficial owners and the Act impacts on real estate transactions and their registration. There is an important deadline on 31 January 2023 for applications to Companies House to register on the new register and failure to do so may lead to criminal penalties....
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  •  
    22.12.2022
    United Kingdom

    Su­preme Court strikes out £116 mil­lion claim for breach of Quince­care duty as claimant held to have suffered no loss

    The UK Supreme Court has handed down its judgment in Stanford International Bank Ltd (In Liquidation) (Appellant) v HSBC Bank PLC (Respondent) [2022] UKSC 34, striking out a significant claim (£116m) for breach of the Quincecare duty on the grounds that the claimant had suffered no loss. The decision is important as another example of a significant claim for breach of the Quincecare duty being unsuccessful. The judgment also provides important guidance as to whether a claimant has suffered recoverable loss as a result of making payments to creditors prior to the claimant’s insolvency....
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  •  
    07.12.2022
    England and Wales

    Eng­lish High Court grants sum­mary judg­ment in cryptoasset fraud claim

    The English High Court has recently granted summary judgment in favour of Mr Gary Jones, who brought claims against the First Defendant (the persons unknown who transferred Mr Jones’ cryptocurrencies to other accounts) and Second Defendant (the persons unknown who owned or controlled the accounts into which the cryptocurrencies were transferred) for deceit and unjust enrichment and, included Huobi Global Limited (“Huobi”), as a defendant to get an order that would enable Huobi to transfer Mr Jones’ cryptoassets back to him. Background Mr Jones was the victim of a large-scale...
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  •  
    01.12.2022
    England and Wales

    Eng­lish High Court hands down first judg­ment on the new ‘crypto’ ser­vice gate­way

    The English High Court has granted an order requiring a number of crypto exchanges to provide a victim of fraud with information regarding some of their customer accounts and the whereabouts of the victim’s stolen assets. This is not the first time the English court has granted this type of remedy - what is noteworthy is the process that was used to obtain the English court’s assistance. In this Law-Now, we consider the judgment and some of the key takeaways for seeking the English court’s assistance in the fight against crypto frauds. The dispute The case (LMN v Bitflyer Holdings...
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  •  
    03.10.2022
    England and Wales

    Crypto-fraud: ease of seek­ing rem­ed­ies from Eng­lish courts

    Taking effect from 1 October 2022, the Civil Procedure (Amendment No. 2) Rules 2022 (SI 2022/783) and 149th Practice Direction Update amend CPR Practice Direction 6B (“PD6B”) by creating new ‘gateways’ for service outside of the jurisdiction as well as amending the wording of existing gateways. In this Law-Now, we will consider specifically the creation of an entirely new gateway and the effect that this will have in the context of cryptocurrency frauds. Gateway 25 (paragraph 3.1(25) of PD6B) reads as follows: “Information orders against non-parties...
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