Ask the Expert: Fraud protection
Company owners need to know how to protect themselves in fraud investigations. Rachel Adamson, fraud and regulatory solicitor at Stephensons Solicitors LLP, is here to help.
All answers are for general guidance only. Each case must be handled on the individual facts.
Q: As a company director how can I protect myself in fraud investigations?
Fraud investigations have the potential to ruin professional reputations. As a company official you may have built up a company over many years and have developed good relationships throughout your business connections. This will inevitably lead you into trusting key individuals both within your company and your business contacts. You could find yourself embroiled in financial irregularities at the hands of those you trust despite having no knowledge of the allegations whatsoever. That could mean, despite your innocent involvement in the running of a company that you find yourself at the centre of a financial enquiry.
Seek specialist advice immediately. This may go against the grain as many people I advise instantly think ‘why do I need a solicitor if I am innocent?’ The difficulties in cases like this are considering the documentary trail of fraud. The documents may appear to implicate you and could be difficult to explain, particularly when drawn up by those you trust.
Your legal team should be able to challenge those documents and the allegations by painstakingly going through the material and where necessary instructing independent experts to supply technical knowledge. This could include specialists in forensic computer analysis, forensic telephone analysis, handwriting experts and forensic accountants depending on the requirements in your particular case.
Scrutiny of suspected financial fraud within businesses has increased enormously since the downturn in the economy. This often leads to prosecutions being brought to ensure that justice is being seen to be done. This scrutiny often taints legitimate professionals.
A solicitor would need to have expertise in the area of financial crime. This is a very niche area of law and needs a robust defence. It often pays to research the experience of a solicitor before you instruct them. You have the right to a solicitor of your own choice if you are arrested and the investigators would be obliged to contact that solicitor. You do not have to settle for the duty solicitor. This will ensure that your rights are preserved from the outset and that you are in fact presumed innocent until proven guilty.
Contact details
Rachel Adamson
Fraud and regulatory solicitor at Stephensons Solicitors
01942 774161
rja@stephensons.co.uk
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