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Men masquarading as Finance Directors, jailed 6 years for fraud

Tuesday 21st November, 2017

Two men who were part of an organised fraud network, conning amateur sports clubs and small businesses, have been jailed for more than six years.

The men defrauded their victims by using emails purporting to be from a treasurer or financial director from these organisations. The email would ask them to transfer a sum of money and the recipient, believing the email to be genuine, would pay the sum into an account run by the fraudsters.

One of the men involved a Nigerian national was sentenced to two years and eight months' imprisonment for conspiracy to commit fraud, and fifteen months for money laundering. Whilst the other man also a Nigerian national was jailed four years for conspiracy to commit fraud by false representation and 22 months for money laundering.

Both men were disqualified from directorships for ten years.

Detectives from The Metropolitan Police discovered during an investigation that the men had set up a company called Britannia Security to receive the majority of the defrauded funds via its bank account.

Acting Detective Sergeant Matt Wigg, of the Met’s FALCON Unit, said: "Many of the victims linked to this case were tricked into sending money to criminals' accounts after they were sent a spoof email with change of payment details.

"Always verify changes to financial arrangements with the organisation or person directly on the phone, or go via the company's main switchboard to check if an email is genuine. Never reveal bank account details via email or on unsecure networks.

"Trust your instincts and always check before transferring money, because it will be extremely difficult to recover once you've sent it."