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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi, I work as an account executive at an foreign exchange

Resolved Question:

Hi,
I work as an account executive at an foreign exchange company , I have opened a fake account and booked some derivates under this fake company to earn comission. The derivates expire soon and with with the current market rate we are looking at a potential loss of £400.000 for the company I work for ( as there is no company to pay for these trades booked) I've earned about 15 k commission myself doing this.
I am wondering what kind of legal action can they take against me and what can I expect to happen to me now?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my nmae is Alex and I will help you with this.

Alex Watts :

I am able to assist you on the Criminal side but not the employment side if that is ok?

Customer: Yes that's okay thanks
Alex Watts :

Ok - well your employer will find out when the position is due to expire.

Alex Watts :

They will then get a loss of £400,000 as you know.

Customer: Correct
Alex Watts :

They will at that point find out that the account was fake and report the matter to the Police.

Alex Watts :

The Police will investigate the matter.

Alex Watts :

This sadly is fraud by false representation.

Alex Watts :

You completed documents and opened an account under the false name in order to get commission

Customer: Yes
Alex Watts :

The Police are likely to charge you and prosecute.

Alex Watts :

I assume you will be pleading guilty and as such you will be sentenced.

Customer: What kind of outcome is likely ?
Customer: Jail?
Alex Watts :

Yes it is likely. Let me just check

Alex Watts :

The loss to the company is £400,000 is that right?

Customer: Yes
Alex Watts :

The chances are high for jail I am sorry to say.

Customer: I see. But how long?
Customer: And do they usually detain you to trial date or release on bail?
Alex Watts :

You are likely to get 3 years for this.

Customer: Wow.
Alex Watts :

If you have no previous you are likely to be released on bail pending sentence or trial

Customer: No I have no previous
Alex Watts :

Ok - you are likely to be bailed then

Customer: Okay well then I know what I can expect
Customer: Can any circumstances do that I get less sentence?
Alex Watts :

I am sorry its not better news and certainly not the one I want to give you, but I have a duty to be honest.

Alex Watts :

If you plead guilty then you usually get a lesser sentence.

Alex Watts :

Its made worse by the fact you were in a position of trust and the loss to the company is £400,000

Customer: Yes and I do appreciate that
Alex Watts :

Can I clarify anything for you about this today please?

Customer: I understand. And I will probably arrested and detained for 96 hours?
Alex Watts :

Well not necessarily that long, its a fairly straight forward fraud. You may be interviewed, bailed and charged later.

Customer: Okay I understand.. But if I deny then I can be kept longer right?
Alex Watts :

You could be.

Customer: Okay I understand.
Customer: Well that's all I needed to know
Alex Watts :

Can I clarify anything else for you?

Customer: No thank you.
Alex Watts :

Can I help with anything else today?

Customer: Give me any tips how to not get long jail sentence perhaps ?
Alex Watts :

Be honest and plead guilty.

Customer: Ok. Might be the best thing as this is eating me alive inside
Alex Watts :

Yes of course.

Customer: Thank you for your help.
Customer: Sorry one last question
Alex Watts :

Of course.

Customer: what kind of jail am I likely to end up in?
Customer: Is it the really bad ones you see on tv?
Alex Watts :

If you have no previous likely a low security one.

Customer: I understand. And 3 years is day and night right?
Alex Watts :

Yes

Customer: So I'll be out in 1,5 ish?
Alex Watts :

Yes

Customer: Ok thanks
Customer: That was all.
Alex Watts :

Can I clarify anything else for you?

Customer: You're getting a good review for this
Customer: No thank you.
Alex Watts :

Great. If I could ask you to rate my answer before you go - the button should be at the bottom of the screen

Alex Watts :

If you need more help please click reply

Customer: I will do that. Thanks.
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