Funds Hub

Money managers under the microscope

Fraud – a booming business


Fraud is booming as financial pressures rise during the recession, according to PricewaterhouseCoopers, which last night hosted a meeting of its ‘Fraud Academy’, which aims to help companies share tips on spotting those up to no good.

rtr232sh“I think fraud is booming in the current downturn,” said Andrew Gordon, a partner in the forensic accounting practice.

“I think more frauds are going to be disclosed as we roll forward. During the last recession there were a number of companies teetering on the brink and I think there will be more insolvencies containing fraud.”

Only last week Reuters revealed that the Serious Fraud Office had arrested two men in connection with its probe into collapsed hedge fund Weavering.