You will see in the media that much reporting focuses on the prison sentence a fraudster receives with little mention if ever to the recovery of money to the victims. In fact in some cases all that can be said is the fraudster has been banned from acting as a director for a number of years. This hardly instils faith or the belief justice has been served. Are victims aware that in some cases a director can be pursued personally for losses and cannot hide behind the walls of a limited company for their wrong doing? Whilst the police may take their own action you can still take yours.
This article discusses the recent fraud figures released and reasons why civil proceedings should be always be an option on the table.
According to the data obtained from the Home Office, £1.2bn worth of assets which were defrauded was recovered in the period between April 2010 and March 2016. Sheeley said the number was "impressive" and "headline grabbing", but that it is a mere "drop in the ocean" when considered alongside the numbers from the University of Portsmouth research. "It is even more worrying when you then drill into the £1.2bn number itself," Sheeley said. "Of that figure which was recovered, only approximately £153m was paid in compensation to victims. Cash forfeitures, at £246m, and tax, at £8.3m, accounted for some of the rest of the recoveries." "Unless the criminal system becomes more dynamic and focused on repatriation of cash to victims, rather than focusing primarily on incarceration of fraudsters, people, and corporates, will continue to lose faith the criminal system,"