Update: Lavish fraudsters Kallakis and Williams sentence increased
Moorfields Corporate Recovery assist Serious Fraud Office with conviction of two Mayfair property businessmen guilty of defrauding banks out of millions of pounds.
The court of appeal today increased the sentences of Achilleas Kallakis and Alexander Williams. Kallakis has now had his sentence increased from 7 to 11 years whilst his accomplice also had his sentence increased from 5 to 8 years.
The pair were originally charged with Fraud back in February 2010 following a five year period of fraud to secure loans from Allied Irish Bank (“AIB”) totalling over £750m.
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: “We are pleased that the courts have recognised the effects that fraud can have on financial institutions and business. Moorfields hope to continue working with the SFO to try and prevent fraudulent trading and see conviction of fraudsters. “
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