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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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Stupid fraud mistake

Resolved Question:

I am a secretary of a UK limited company & shareholder in the business. I have taken between £3000-4000, out of the business in cash over the last 6 months & want to hand myself in. The shame & mental strain is killing me. The circumstances of me doing this are as follows: in 2013 my company was targeted by scam advertisers to the sum of £10,000+. This put significant strain on the business & subsiquently we ran up debts with creditors that nearly folded us as a business, but we made it through. The result of this is that since September 2013 I have not taken a wage or been paid. Due to the distress of being targetted by scammers & subsiquent loss of income I suffered a breakdown in July 2013 & had to see doctors for severe depression & suicidal thoughts. Hence with no money coming in & debts mounting up I made a stupid descision & took money from my business (cash) to pay off debts & bills that were mounting up. I fully intended to pay back the money & subsiquently have well over half of the money I took to repay back to the business. I want to know what the best course of action is to take as I have not declared any of this information to my colleagues & partners in the business. I am still a shareholder of £12500 shares in the business & would like to know if I can sell these shares to repay my business partners for the money I took as a settlement to avoid court. If not I am willing to hand myself in & accept punishment for the crime I have committed. My biggest regret is that I did something extremely stupid & didn't ask for help due to my deteriorating mental state. I have no previous convictions & have worked in the community I live in for over 8 years. Any help advice would be appreciated.

Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Sorry to hear about this.

You should repay the money back as soon as possible and inform your business partners what you have done and why you did it. They may understand and let the matter go as long as you repay the money. Unfortunately, it is an offence of fraud by abuse of position contrary to the Fraud Act 2006 to do what you did, but if your business partners are willing to overlook the fact that you did what you did due to your condition and not report the matter to the police, then you are fine.

You may discuss with your business partners about them buying out your shares so that you are able to repay the money taken from the business, over and above the half that you have already saved up.

So, you should really try and do damage control by repaying the money and coming clean with your business partners. If they decide that the matter should be referred to the police, then you will have mitigating reasons why you did what you did.

Hope this helps
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
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