City of London Investment Trust PLC · LSE:CTY
City of London Investment Trust — Investor Presentation (2006)
18 slides from City of London Investment Trust's investor presentation, 2006
Slide 1: Fraud Act 2006
FRAUD ACT 2006 Economic Crime Add Department Corporate Logo City of London Police Here
Slide 2: History
History Theft Acts 1968-1996 Deception Offences to be REPEALED; • obtains property • obtains a money transfer • obtains services • Evading a liability • Obtaining a pecuniary advantage • Procuring execution of a valuable security
Slide 3: What's Changed?
WHAT’S CHANGED? • Now target Fraudulent behaviour not the consequences of that behaviour • Shift from assessing whether the victim was deceived • Now, assessment of what defendant intended to happen as result of their dishonest behaviour
Slide 4: 1. Fraud Offence
1. FRAUD OFFENCE Advantages of a general Fraud Offence • More comprehensible to Juries • Effective tool for prosecution • Public have clear understanding of what amounts to fraud • Single offence should apply to new technologies and avoid need for new laws
Slide 5: Fraud Act
FRAUD ACT 1. THREE WAYS TO COMMIT FRAUD • 2. FRAUD BY FALSE REPRESENTATION • 3. FRAUD BY FAILING TO DISCLOSE INFORMATION • 4. FRAUD BY ABUSING A POSITION OF TRUST
Slide 6: Dishonesty + intent
Dishonesty + intent • Each act requires • Each act also Dishonesty requires intent to • Ghosh test applies – make a gain or dishonest by cause a loss reasonable standard + awareness by defendant
Slide 7: 5. Gain or Loss
5. GAIN OR LOSS • Same as for Theft Act offences • Limited to gain and loss in money and other property • Can be temporary or permanent • Property includes - intellectual property, real, personal, intangible or things in action
Slide 8: Sentences
Sentences • For the 3 Fraud offences; • Summary Conviction, not more than 12 months imprisonment or a fine or both. • Conviction on Indictment, not more than 10 years imprisonment or a fine or both. • Indictable Offences.
Slide 9: 6. Possession of Articles for Use in Fraud
6. Possession of Articles for Use in Fraud • Possess or control any article for use in course of or connection with any fraud. • A general intention to commit fraud will suffice. • Applies EVERYWHERE including home address. • Maximum sentence for this offence is 5 years.
Slide 10: 7. Making or Supplying Articles for Use in Frauds
7. Making or Supplying Articles for Use in Frauds • Offence to make, adapt, supply or offer to supply any article, • Knowing it is designed or adapted for use in the course or in connection with fraud or, • Intending it to be used to commit or facilitate fraud. • 10 years on indictment.
Slide 11: 8. Articles
8. Articles • Extends meaning to include any data or program held in electronic form. Examples are: • Programs to generate Credit Card numbers, • Production of blank utility bills, • Template letters for advance fee scams, • Lists of payment card details.
Slide 12: 9. Fraudulent Business carried on by Sole Trader
9. Fraudulent Business carried on by Sole Trader • Offence Knowingly to be a party to the carrying on of a fraudulent business where business NOT carried on by a company or corporate body. • Parallels existing offence that applies to companies & corporate bodies. • Now includes sole traders, trusts
Slide 13: Fraudulent Trading - principles
Fraudulent Trading - principles • Intent to defraud creditors or any other fraudulent purpose • Dishonesty • Carrying on a business, but can be a single transaction • Committed by persons exercising some controlling or managerial function
Slide 14: 11. Obtaining Services Dishonestly
11. Obtaining Services Dishonestly • Offence for any person by dishonest act to obtain services for which payment is required, with intent to avoid payment. • Person must know services are chargeable or might be. • Cannot be committed by omission, but only where dishonest act was done with intent no
Slide 15: Conspiracy to Defraud
Conspiracy to Defraud • Common Law offence will remain for time being “in case of gaps” in new law • Law Commission recommended abolition
Slide 16: Fraud Act Sections
FRAUD ACT SECTIONS 1 Introduces new offence of Fraud the 3 ways of committing it 2 Fraud by False Representation 3 Fraud by Failing to disclose Information 4 Fraud by Abuse of Position 5 Gain or Loss 6 Possession of articles for use in Frauds
Slide 17: Fraud Act Sections
FRAUD ACT SECTIONS 7. Making or Supplying Articles for use in Frauds 8 . Article 9 . Participating in Fraudulent Business carried on by a sole trader 10. Participating in Fraudulent Business carried on by a Company
Slide 18: Fraud Act Sections
FRAUD ACT SECTIONS 11. Obtaining Services Dishonestly 12. Liability of Company Officers for Offences by Company 13. Evidence
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