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Fraud & punishment

10 March 2017 / Professor Mark Button
Issue: 7737 / Categories: Features , Fraud , Procedure & practice
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Mark Button details research which will help to map & rank alternative justice systems for fraud

In recent years there have been a number of high profile cases of high status professionals sanctioned for serious fraud related behaviours by regulatory bodies, rather than the criminal justice system. For instance in 2012 the Daily Mirror (2012) ran a front page headline: “Call this justice? City banker steals £1.4m... no charge. Shop worker steals £10k... 9 months’ jail” after the then Financial Services Authority (FSA) published a regulatory decision regarding a senior executive in a private equity firm who had, in the words of the FSA (2012), “fraudulently obtained” just under £1.4m. His punishment from the FSA was a financial penalty just short of £3m and an order banning him from working in financial services. There was, however, no criminal prosecution. More recently another senior city worker, who had regularly failed to purchase a rail ticket, amounting to a £43,000 loss for the rail companies was dealt with by the Financial Conduct Authority (FCA) with a lifetime ban from working in the City, but again

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