- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-03-13T15:47:00
The U.K. Serious Fraud Office (SFO) announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
Carlauren Group entered administration in November 2019, exposing approximately 600 people and company investors. The SFO said in a press release Tuesday it is investigating alleged fraud totaling 76 million pounds (U.S. $97 million).
“This company’s abrupt collapse has created turmoil and enormous anxiety for many, with elderly people forced to vacate their homes and investors left with nothing,” said SFO Director Nick Ephgrave in the release. “[These] arrests are a major development in our investigation and a step towards getting the answers so many people need.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.
“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
