What should I do if I am arrested or charged with fraudulent trading?

Unfortunately, fraudulent trading crimes are on the rise, with recent figures showing that the number of reported cases is increasing year after year. If you find yourself arrested or charged with this crime, seek the help of a lawyer as soon as possible to ensure that your rights are protected and that you receive expert advice tailored to your situation. This article answers some of the most common questions you may have, such as whether you need a fraudulent trading lawyer, potential defenses you can use, and whether you are likely to be released on bail. We will also discuss other important steps you should take if you are charged with such serious charges. Fraud charges can lead to complex legal issues that often cross international borders. If such situations arise, advice platforms such as https://rednoticearabia.com/ can be invaluable in navigating red notices and other international legal issues. Seeking expert advice immediately will ensure that you are prepared to effectively litigate your case.

Do I need a solicitor for fraudulent trading?

Fraudulent trading is a serious offence under English law, which involves carrying on a business with the intent to defraud creditors or for any fraudulent purpose. If you are accused of fraud, you should seek the assistance of a criminal lawyer. Here’s why having a solicitor can be essential:

• Firstly, a solicitor has a thorough understanding of the complex legal framework surrounding fraudulent trading. They can help you understand the specific charges against you and the possible consequences, which can include imprisonment, fines and disqualification from acting as a company director.
• Secondly, a solicitor can provide expert advice and representation. They can review the details of your case, gather relevant evidence, and develop a solid defense strategy. This may include challenging the prosecution’s evidence, presenting witness statements, or highlighting any procedural errors that may help your defense.
• Third, the trial process can be complex and stressful. A lawyer can guide you through every step of the way, from police questioning to your court appearance, ensuring that your rights are protected and that you are well-prepared. They can also negotiate on your behalf, potentially reducing the severity of the charges or negotiating a lower sentence.
• Finally, fraudulent trading cases often involve confusing financial records and complex transactions. A lawyer with experience in such cases can work with forensic accountants and other professionals to analyze the financial data and identify any discrepancies that may support your defense.

Also check out: What is the Penalty for Online Fraud in 2024?

What are the possible defenses to fraudulent trading?

Dealing with fraud allegations can be incredibly stressful, but understanding the possible defenses available to you can provide some much-needed clarity. Common defenses that a criminal defense attorney may pursue on your behalf if you are facing such charges include:

• Lack of Intent: One of the primary defenses to fraudulent trading is to prove a lack of intent to defraud. You must be able to demonstrate that any misleading actions were not taken with the intent to defraud. For example, you can argue that the decision in question was made in good faith and that the negative outcome was unforeseeable.
• Due Diligence: Another key defense is that you conducted due diligence before making any business decisions. If you can prove that you consulted experts, reviewed all relevant documents, and took reasonable steps to ensure that your actions were not unjustified, this can be a strong defense.
• Relying on professional advice: If you relied on professional advice (accountants, financial advisors, or legal counsel) to make business decisions, you can claim that you acted on their recommendations. Proving that you consulted reputable professionals can help prove that you did not intend to commit fraud.

Will I get bail for fraud?

When you are charged with fraud, one of the first things you may worry about is whether you will be released on bail. Bail is essentially a temporary release from custody while your case progresses through the court system. It allows you to continue with your daily life until your court date.

Similarly, your personal circumstances and history will be carefully examined. This includes your criminal record, if you have one, and your conduct in previous interactions with the justice system.