Feeds

VAT fraudster gets six years

Massive mobile missing trader fraud

Build a business case: developing custom apps

A man was jailed for six years on Friday for his part in VAT-avoiding carousel fraud.

Mark Selby pleaded guilty to missing trader offences between May 2002 and May 2003. During that time Selby's company sold mobile phones worth £326.5m to 12 UK companies.

He also sold phones to Spanish companies which supplied the same 12 UK firms. The UK firms then failed to pay relevant VAT. The total VAT which went missing was £57m and Selby made a personal profit of about £1.5m.

HMRC assistant chief investigation officer Robert Gray said: "Tackling this type of crime is HMRC's top fraud priority. MTIC fraud is a deliberate attack on the VAT system, perpetrated by organised criminals operating across and beyond the EU.

"Today's sentence is a further example of HMRC's determination to bring criminals involved in this type of fraud to justice, and also vigorously pursue the recovery of their criminally derived assets."

Selby ran his business from France but company accounts were kept in the UK. Customs arrested Selby and began extradition proceedings in November 2004.

Customs has applied for a confiscation order to get hold of Selby's assets - that will be heard later. Customs estimates missing trader fraud cost the UK exchequer between £1.1bn and £1.9bn in 2004 and 2005. Such frauds usually involve computer chips or mobile phones.

HM Revenue and Customs' press release is available here. ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.