Financial

City of London Police is urging people to take proper measures online, after whisky investment advertisements on social media left people high and dry.

The lure for potential investors is that you buy a cask of whisky when it is first produced and as the whisky ages in the barrel, it becomes something worth more to the consumer and as such, your initial investment becomes more valuable.

A man accused of fraudulently taking more than £600,000 from a number of local investors is currently standing trial at Swansea Crown Court.

Darryl Evans, currently of no fixed abode, is facing 27 charges of fraud by false representation, and one charge of theft.

https://pembrokeshire-herald.com/86709/trial-opens-for-man-accused-of-600k-investment-fraud/

Banks have been accused by a senior MP of "dragging their feet" when it comes to refunding victims of fraud.

Harriett Baldwin's comments come as newly published figures name, for the first time, individual banks to show how much money they refund.

Jersey Police are warning islanders to be vigilant about cryptocurrency fraud.

It comes after one islander lost £700,000, after investing in an online crypto scam.

This brings the total reported losses to this type of crime to £1.8 million in this year alone.

A major bank has issued a warning about crypto investment scams, with victims standing to lose more than £10,000 on average and young adults often being particularly at risk.

Lloyds Bank has recorded a 23% rise in reports of cryptocurrency investment scams by customers in its banking group (including Lloyds Bank, Halifax and Bank of Scotland) between January and September 2023, compared with the equivalent period last year.

The UK Financial watchdog urges firms to strengthen fraud controls and improve support for victims.

A recent review of fraud controls among UK financial firms has revealed a mix in standards, and an amplified need for support for customers who have fallen victim to fraud.

A former Parachute Regiment officer who pleaded guilty to masterminding a massive international “pump and dump” fraud will spend three years in a United States federal prison.

But Belfast man Roger Knox, a Campbell College alumni, faced up to 15 years for his involvement in a scheme prosecutors claim defrauded $164m (£135m) from thousands of mostly small investors.

https://www.irishnews.com/news/northernirelandnews/2023/11/02/news/belfast_fraudster_former_para_sentenced_over-3746012/?param=ds441rif44T

For the first time, banking firms have disclosed money transfer fraud reimbursement rates for claims. Here are the best and worst when it comes to victims getting their money back.

https://www.yourmoney.com/saving-banking/news-saving-banking/named-and-shamed-the-banks-least-likely-to-refund-fraud-victims/#disqus_thread

Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX.

After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy.

The Financial Conduct Authority (FCA) must have a greater role in combating fraud, according to the trade association representing investment managers and financial advisers.

https://www.theactuary.com/2023/11/01/investment-industry-demands-major-fraud-role-city-watchdog