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Ince & Co cashier takes firm for £700,000 with foreign exchange fraud
05 August 2016
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Giving the Dodgy Solicitors a run for their stolen money, an Ince & Co cashier has been sentenced to more than three years in prison for nicking over £700,000 from the firm.

Juliette Holland worked in Ince & Co's finance department from 2010. Part of her job at the shipping and insurance specialist was to order foreign currency using the firm's in-house exchange service. On 349 occasions, Holland used it to order money in foreign currencies, which she then walked round to a local foreign exchange bureau and changed back into sterling. Which she then walked round to her bank and paid into her account.

It took five years before another Ince employee cottoned on to the scam. Holland was arrested in April. The subsequent investigation revealed that she'd siphoned off £727,597.31 from Ince & Co. She was charged with fraud by abuse of position, plead guilty at Basildon Crown Court and has been sentenced to three years and four months. She has also been forbidden by the SRA from working for solicitors without its permission.

    Sue first sensed something was amiss in Juliette's cubicle

Ince & Co, which has only managed to recover 1% of the stolen loot, is not the only firm afflicted with greedy cashiers. But it is the second time it's has had to call in the cops over a rogue trader, after nutty partner Andrew Iyer stole £2.8 million from Ince and its clients by submitting false invoices, and got himself sent to prison (and then set up a new firm).

An Ince & Co spokesman emphasised that Holland's scam was "an internal matter that did not result in any losses to our clients". And that it had taken the "necessary steps" to ensure it wasn't ripped off by another unlicensed currency trader.

  

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anonymous user
05/08/2016 11:16
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Second time round. Obviously, Ince has completely inadequate financial controls. Who are the muppets running the show??
anonymous user
05/08/2016 16:24
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So the partner nicked more than £2.8m and was sentenced to just over 4 years; cashier nicked £700k and spent just over 3. Sheesh
anonymous user
30/08/2016 12:44
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...and honestly, the accounts team is probably the most capable of the business services teams there.