Lavish fraudsters Kallakis and Williams found guilty of defrauding banks out of £750m
Moorfields Corporate Recovery assist Serious Fraud Office with conviction of two Mayfair property businessmen guilty of defrauding banks out of millions of pounds.
Achilleas Kallakis and Alexander Williams appeared at Southwark Crown Court today to receive sentencing for orchestrating a five year period of fraud to secure loans from Allied Irish Bank (“AIB”) totalling over £750m.
The pair were found guilty of using forged or false documents to obtain substantial loans to finance the purchase of a commercial property portfolio. Both are due to receive sentencing later today.
Simon Thomas and Shelley Bullman liquidators of leading insolvency and rescue firm Moorfields Corporate Recovery assisted the Serious Fraud Office (SFO) in uncovering the pairs wrongful trading activities when appointed liquidators over Oregon Finance Corporation and seven other companies used by Kallakis and Williams.
The liquidators conducted a series of investigations over the assets and liabilities of Oregon Finance Corporation the results of which were then provided to the SFO.
Kallakis and Williams is another example of Moorfields investigations team tackling fraudulent trading. In 2012, Moorfields were instrumental in obtaining a custodial sentence for two Slovakian businessmen who refused to handover £4m belonging to a UK company over which Moorfields were appointed liquidator.
Simon Thomas, joint liquidator at Moorfields Corporate Recovery, said: “ Fraud is estimated to cost the UK economy billions, but the true burden of such a crime can never by known until each instance is made public as shown in the case of Kallakis and Williams. The pairs successful conviction demonstrates our ability as liquidators to uncover fraudulent trading despite a company being in liquidation. Moorfields hope to continue working with the SFO to try and prevent fraudulent trading. “
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