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prison is a fate far worse than insolvency - don't take the risk

January 28 2008

Just three weeks into the New Year, white-collar criminal defence lawyer Grahame Stowe is reporting a surge in the number of bosses siphoning off company funds.

  “Prison is a fate far worse than insolvency – don’t take the risk”  Just three weeks into the New Year, white-collar criminal defence lawyer Grahame Stowe is reporting a surge in the number of bosses siphoning off company funds.  Stowe is issuing a stark warning that business owners who flee abroad with their burgeoning suitcases stuffed with company cash - face the risk of being caught by the authorities and spending the next seven years behind bars.  Already this month Stowe has witnessed cases involving extradition, repossession of family homes and pension funds being frozen. He also expects to see many more as the economic slowdown hits businesses hard. He comments: “Siphoning of money can lead to several years in prison and your family’s assets being frozen. It’s a huge risk to take, but sadly a growing number of bosses feel it’s a risk worth taking. The authorities are alert to such practices. Whilst individual cases cannot be referred to experience shows that the tracing of assets abroad leading to extradition and detention in custody pending resolution in the UK is not uncommon, and certainly identifying and tracing assets, freezing and seizing the same under The Prevention of Crimes Act,  is escalating well beyond the expected  and general criminal  world into many avenues of white collar crime.” 

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