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No relief following breach of trust

Wragge & Co LLP
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United Kingdom
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May 28 2012

Where a fraud is perpetrated in a conveyancing transaction, it is often an innocent party that ends up paying the price

Serious consequences for misleading the court

Wragge & Co LLP
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United Kingdom
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May 28 2012

The long running saga of JSC BTA Bank v Granton Trade Ltd & others, relates to the alleged fraud of a Kazakhstan bank by its former chairman and majority shareholder of $1 billion

Relief for banks and money laundering officers in general

Wragge & Co LLP
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United Kingdom
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May 24 2012

We first reported on Shah v HSBC Private Bank (UK) Ltd in February 2010 in our alert on reporting under the Proceeds of Crime Act (POCA) (the Act

Mortgage fraud, who picks up the tab?

Wragge & Co LLP
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United Kingdom
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February 27 2012

Innocent solicitors commit a breach of trust and have to repay to the lender a mortgage advance paid away to fraudsters

No need to disclose names of employees

Wragge & Co LLP
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United Kingdom
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October 31 2011

Where a bank had notified its suspicions of potential money laundering, it did not have to disclose the names of the individual employees who had held those suspicions during the standard disclosure exercise

Marshalling of debts

Wragge & Co LLP
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United Kingdom
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August 22 2011

The equitable doctrine of marshalling applies where there are two secured creditors of the same debtor who are each owed a different debt

Tracing claim

Wragge & Co LLP
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United Kingdom
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August 25 2010

Where property is obtained by fraud, equity imposes a constructive trust on the recipient so that the property is recoverable and traceable in equity

Reporting under POCA - the need for a human process and clear audit trail

Wragge & Co LLP
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United Kingdom
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February 8 2010

The decision of the Court of Appeal in Shah & another v HSBC Private Bank (UK) Ltd (HSBC) will give lenders some cause for concern

Warranty of authority

Wragge & Co LLP
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United Kingdom
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July 22 2009

A solicitor acting for its client is not necessarily impliedly warranting the identity of his client, nor aspects of the underlying transaction, only that he has authority to act on the client's behalf

Disclosure under the Proceeds of Crime Act

Wragge & Co LLP
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United Kingdom
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February 23 2009

In Shah & another v HSBC Private Bank (UK) Ltd, the claimants instructed the defendant to transfer several large sums of money