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And welcome back to Fox Business morning the Bernie Madoff scandal has hurt investors worldwide as we have found out but it's not the only case in Britain of people allegedly being swindled a reported frauds in the UK.
In 2008 to a total of one point 73.
Billion dollars us a lot of money in here to discuss the increasing global financial crime and how victims can fight back -- Simon -- had default services team obedience to a -- Also joining us today Gary Miller he's found -- all of the fraud and asset recovery group.
At London -- -- from the -- now both of you thank you for being here assignment in a big.
Begin with you you released -- latest -- -- a report yesterday.
What's behind the rise in four cases.
-- We've been investigating for about twenty years and -- the issue of food goes who actually gets into recession.
Is a bit -- the old saying.
You can telling him about the troops -- the that's when the tide goes out and until after the and it's a deeper recession all the -- that -- the boom and now been exposed.
And so we are seeing Iraq could be in and it will get a lot worse.
Gary international investors often caught up in these scams what -- still very.
In that situation like that.
Well the -- right I have is to obviously get themselves into action as quickly as possible they have criminal legal rights they have civil legal rights.
And the most important thing when you suspect -- involved or you've been -- -- in a fraud and you've lost money.
Is to go and told to a lawyer a -- investigates forensic accountant like Simon.
Is take some specialist legal advice extremely quickly and understand what your options off.
And Gary very quickly in the case of someone like a Bernie Madoff you know that warning signs that investors should look out for.
Actually there are always warning signs when you're dealing with somebody when something is too good to be true you look back at the BCCI scandal.
That we won't know and love when people -- and offering interest rates of returns that just.
All well above the market right that was a sort of tell -- signs.
When there's an organization be run by people.
Where -- family are in charge of compliance issues where that I'm looking off to your money and you're not sure there's any bonafide today there's -- independent.
Scrutiny of what's going on those are the -- of warning signs that you should be looking out for.
Very good to -- to be true -- the key phrase Simon.
What can employers do internally to prevent -- Well and he can do things like zero -- -- and it's -- -- -- some pool site folks this is my album often puts it.
I think it's million dollars and if your revenues grew 10% on the Mountain -- -- -- 10%.
Known as the second grounds when the recession should do some -- -- -- -- OK why do we need to spend.
X amount to market -- -- -- -- -- that is to do recitals and credit notes on the air and lend money from the cooking the books.
I'm trusting that banks and bank lending in the -- that is look at -- bone structure.
Among all right are you encouraging behavior that we face is sub -- was -- of people posting stuff on the book.
Assume that's because that gets you about in the trees and pulled out of the -- is like -- Period -- -- last year one point 73 billion dollars.
In 2000 it's a lot of money what already at a time unfortunately Simon thank you very much -- also thank you for joining us this morning.
And a CH old advice guys you know it's too good to be true.
Maybe it is -- -- -- many investors would Bernie Madoff which they have really fault that -- back -- and you sure that is actually for sure.
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