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NCJRS Abstract

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NCJ Number: 78406 Find in a Library
Title: Major Fraud
Journal: Police Review  Volume:89  Issue:4611  Dated:(June 19, 1981)  Pages:1194-1196,1222-1223
Author(s): K G Oxford
Date Published: 1981
Page Count: 5
Format: Article
Language: English
Country: United Kingdom
Annotation: Major types of business fraud in England are described, and police staff qualifications and training for fraud units are discussed.
Abstract: The person perpetrating fraud through a business invariably operates through the limited liability corporation. In such companies, those owning shares in the business, including directors, are liable for the debts of the company only in the amount unpaid on their shares. Fraud through a company is also attractive to criminals because a company is a legal entity separate and distinct from its members or shareholders, and creditors can look only to the company for settlement of any transactions. Also, the ownership and management of a company can change quickly without the knowledge of creditors or other interested persons. One type of fraud common to companies is management fraud, which involves malpractice and abuse by persons in control of companies to the detriment of shareholders and creditors. Investment frauds involve extracting money from the public either by the purchase of fraudulent shares or by the acquisition of loans and money deposits. Trading frauds entail dishonest company operations involving professional criminals. Police who are recruited to investigate these types of fraud should have experience in gathering evidence, interviewing witnesses, preparing a prosecution file, and relating evidence to offenses that may have been committed. The staff should also understand the intricacies of the systems being investigated to facilitate communication with those involved in the systems. They should have basic knowledge of accounting, banking, commercial practice, bankruptcy, company law, and liquidations. A great deal can be learned through instruction and on-the-job training by experienced officers. Because of the large amounts of money involved in most company frauds, investment in a proficient fraud unit is inevitably cost-effective.
Index Term(s): Commodities fraud; Corporate criminal liability; Criminal investigation training; Fraud; Fraud investigations; Police fraud units; Police personnel; Securities/Investment Fraud; United Kingdom (UK); White collar crime
Note: Paper presented at the 1981 ACPO (Association of Chief Police Officers) conference.
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