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. 

Is public trust in British business still dangerously low?

Is public trust in UK business still dangerously low?

Polling and Research Company research YouGov have just released their findings following their recent survey regarding public attitude towards business.

The results do not make for happy reading.

Some six years on from the financial crisis, trust in corporate Britain remains at worryingly low levels. Asked how much they trusted various sectors and professions, the public revealed the extent to which trust between business and customers has been eroded.

Whilst 81% trust teachers and 89% trust nurses, only 49% trust managers of small firms. Entrepreneurs are trusted by just 30% of the public.

What are your own experiences and thoughts? Is trust affecting your business?

In this new economy, a positive trust rating is highly prized by both buyer and seller. Transactions are humanised and social media allows experiences – good or bad – to be shared locally and around the globe.

Addressing the lack of trust in business should be a priority for government, policy makers and, of course, for business owners themselves.

The price for not addressing this will be the emergence of a society that risks turning permanently against its wealth creators, and a society that goes down that road will very soon face a number of serious challenges.

A new economic system based upon trust, transparency and accessibility is one we at Omni strongly believe in.

We would love to hear your thoughts on the matter. If you are a business owner, how do you build trust with your clients? Is the interactive way in which we all research our purchases and decisions a good or bad thing?

Tweet us @OmnitasTax and let us know your thoughts, or join in the conversation on Facebook – we are here to help and offer impartial free of charge advice to UK businesses, however big or small they may be.