Why businesses must act fast to recover stolen assets

Ben Hay, Legal Director in our Fraud team has been quoted in the media on the news that a business relationship manager who hacked into customers’ accounts at a private bank and stole £105,000 with his then partner has been jailed. Ben highlights the need for businesses to act swiftly to recover misappropriated assets.

Liridon Neziri, 32, made transfers of £30,000 and £75,000 from Nedbank Private Wealth, a boutique wealth manager and private bank, which offers banking, investing and lifestyle help for high-net-worth individuals.

Neziri was sentenced to three years and six months in jail for fraud and to 18 months for two counts of money laundering.

Ben commented: "This is a good outcome in terms of the criminal culpability but a good reminder that businesses should also consider appropriate and swift civil claims to recover misappropriated assets as quickly as possible particularly as, in this case, the bank has had to return the stolen funds. It is critical to act quickly after a fraud has been discovered to try and recover as much as possible and to limit the damage of the fraudulent conduct."

Read Ben’s comments in the media: Solicitors Journal

For more information, please get in touch with Ben Hay or a member of VWV's specialist Fraud team.