In 2007 we (myself and Nikki Turner) uncovered a multi billion pound fraud at a major bank but were unable to get any authority to investigate it. We have spent the last five and a half years of our lives collecting and collating evidence of the fraud which affected many SMEs including our music publishing company. This evidence has since been supplied to the FSA who finally started a Section 168 investigation into the fraud at the end of June 2010.
In May 2010, Thames Valley Police (TVP) started 'Operation Hornet' based on the evidence we had. Nine suspects have been arrested thus far and TVP have said the fraud we uncovered is potentially the biggest bank fraud in British history and which has lost the bank in question billions of pounds. The losses to the bank's clients have been catastrophic.
The bank in question remains in denial and has attempted to blame the victims of the fraud for the demise of their own businesses. Since first uncovering the fraud in 2007 we have suffered 22 eviction hearings as the same bank also attempted to take our house. In December 2010 the bank requested our consent to indefinitely adjourn the proceedings.
To facilitate the costly legal fees involved in both the concealment of the fraud and also the cost of employing the deputy chairman of a major legal firm to ensure our eviction, the bank opened a false account in the name of our company. It showed £372,000 of legal fees as a credit to the bank and with the addition of penalty interest and charges, a £600,000 debt of our company as of August 2011.
The head of the FSA has said he is satisfied this does not constitute false accounting - a statement we find extremely worrying.
In July 2007 the bank suddenly closed our business accounts without any prior warning and on spurious grounds. We have both been in the music business for 40 years and always worked for ourselves.
Although we have managed to keep our companies alive, it has been impossible without bank accounts and with the continual persecution by the bank to actively trade them. Our professional careers and our lives have been held in limbo since we were forced to become fraud investigators in 2007. We sincerely believe that, had we accepted the losses caused by this fraud and attempted to get our lives back on track without fighting so hard to expose the criminal conduct of the bank, a multi billion pound fraud would have remained buried.
When we first uncovered the fraud we firmly believed the senior executives of the bank, or the regulators, or the police would bring about a speedy resolution for us and the other victims we had identified in 2007. Five and a half years on we are shocked at how hard it has been to achieve any justice.
We continue to fight to achieve this goal and we continue to collect evidence of this and sadly, other frauds, that have blighted the lives of so many people. While we have every trust in TVP, our fight for justice does not get any easier and, as with the Watergate scandal, the original fraud has become almost secondary to the active concealment of a major crime by influential people.
Having successfully staved off so many evictions as a litigant in person, I regularly help other victims of white collar crime to save their homes.
Due to the advanced nature of 'Operation Hornet' we are unable to give any detail of the fraud at the moment.