Misappropriating company funds is a serious offence, which is also known as asset fraud or insider fraud.
An allegation of misappropriation of funds can occur if an employee or officer of a company abuses their position to gain financially – this might involve obtaining large amounts of money through fraudulent expenses claims or more serious allegations of misdirecting funds or payroll fraud.
In some cases, misappropriating funds can also involve criminal gangs accessing a company’s internal systems to steal money.
It is vital to seek legal advice as soon as possible if facing an allegation of misappropriation of funds, or if there are financial irregularities within a company, including allegations involving:
Even seemingly minor instances of expenses fraud can escalate or become endemic within a company.
Allegations involving professionals such as solicitors, property managers, or finance companies misappropriated funds can be extremely damaging to company reputations and the reputations of directors and employees.
Shareholders’ agreements and drawing up a contract for services can help set out terms and details about expenses which can be reclaimed to prevent fraudulent expenses claims – but misappropriation of funds may also involve allegations involving firms which hold client monies and how these are used.
Duncan Lewis commercial litigation solicitors also have considerable expertise in representing individuals and companies facing allegations of misappropriation of funds – and can advise at any stage of an internal investigation or by regulators such as the SFO, Solicitors Regulation Authority or Insolvency Service, as well as advising on civil injunctions to freeze assets and prevent them from being dissipated.
Victims of fraud involving misappropriation of funds may be able to pursue a claim against the perpetrator and recover any assets through the civil courts.
Duncan Lewis commercial litigation solicitors can advise at any stage of a case involving misappropriation of funds – and can act swiftly to protect a client’s interests, including in cases involving criminal proceedings and restraint confiscation proceedings under the Proceeds of Crime Act (POCA) 2002.
For expert legal advice on company and commercial litigation and misappropriation of funds, call Duncan Lewis Commercial Litigation Solicitors on 0333 772 0409.