Even Dragons can be subject to fraud

Even Dragons can be subject to fraud - protect your business!

Shocking, but true – it seems even super-savvy Dragons’ Den stars can fall prey to rogue finance directors.

A finance director who worked for Duncan Bannatyne’s group of companies has been charged with almost £8m worth of money laundering and fraud charges.

The alleged fraudulent activity apparently occurred between July 2008 and July 2014, whereby Christopher Watson has been accused of transferring money from the Bannatyne Group accounts to his personal accounts and also some of his private business interests.

It is also alleged by the Crown Prosecution Service that the monies were used to settle debts, buy and do-up houses and gamble.

Specialist lawyer for the CPS, John Werhun, said;

"The CPS has authorised the police to charge Christopher Watson with fraud by abuse of position of trust, and six counts of money laundering."

The hearing will take place before Newton Aycliffe magistrate’s court on 24 June: meanwhile, Bannatyne appointed a new finance director at the fitness arm of Bannatyne Group back in January after Watson was arrested.

It just goes to show – you have to be able to trust people that you work with. In such a large organisation, this sort of fraud can occur but obviously, as an SME, you can take precautions to make sure that your money is being managed and accounted for in the correct way.

Omni Chartered Accountants are here to advise and guide you on all of your tax and accounting affairs; call us today on 01902 837 408 to see if we can save your business money and also protect it at the same time.