Latest news with #RichardYeowart
Yahoo
3 days ago
- Business
- Yahoo
SFO freezes crypto assets linked to Arena TV investigation
The UK's Serious Fraud Office (SFO) has frozen £10,865.76 ($14,660.25) in Bitcoin and £289.30 in USDC linked to Richard Yeowart, the CEO of the collapsed Arena TV. The move is part of an ongoing investigation and represents the first use of powers introduced last year to freeze cryptocurrency assets. According to the press release, the assets were identified by SFO proceeds of crime specialists as linked to suspected criminal activities. Following a hearing at Westminster Magistrates' Court, the assets will be held for up to nine months, allowing any affected parties to come forward. The investigation has so far included a raid, three arrests, and searches of three properties. Gherson Solicitors head of regulatory and white-collar crime and partner Thomas Cattee said: 'It is great to see the SFO finally using these new powers to attempt to freeze and seize the alleged proceeds of crime stored in novel ways. 'Whilst these new powers will of course not be suitable for every investigation, it is clear from countless examples that fraudsters are turning to new and novel ways to hide the alleged proceeds of their crimes, including by way of cryptoassets, so it is very encouraging to see the UK's premier fraud-fighting agency demonstrating that it can keep pace and demonstrably act in accordance with its business plan.' SFO director of operations Emma Luxton said: 'We are committed to using every tool at our disposal to prevent criminals from benefitting from their crimes, wherever they hide their assets. 'Our first Crypto Wallet Freezing Order is an important step as we build our crypto asset capability and signals our intentions as we adapt to tackle increasingly sophisticated attempts to hide criminal assets.' Gherson Solicitors had previously submitted Freedom of Information Requests to the SFO and HM Revenue and Customs (HMRC) to evaluate their use of Crypto Wallet Freezing Orders and Crypto Wallet Forfeiture Orders since their introduction in April 2024. The SFO had not used these orders until now, while HMRC confirmed limited use. For the fiscal years 2024-2025 and 2025-2026, HMRC reported seeking less than five such orders, though exact numbers were withheld to protect individual identities. "SFO freezes crypto assets linked to Arena TV investigation " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
4 days ago
- Business
- Finextra
SFO uses new powers to seize over £10,000 in bitcoin
The Serious Fraud Office has frozen equivalent to £10,865.76 in Bitcoin and £289.30 USDC belonging to Richard Yeowart, a suspect in its ongoing investigation into collapsed outside broadcast company Arena TV. 0 This is the first time the agency has used new powers that came into force last year to freeze cryptocurrency. The assets, identified by proceeds of crime specialists at the SFO as linked to suspected criminality, were frozen following a hearing at Westminster Magistrates' Court this week. They will now be held for up to nine months to allow any affected parties to come forward. Arean TV collpased in 2021 when one of the broadcaster's creditors failed to locate 'leased' equipment during an asset verification inspection. It transpired that Arena TV had secured Loans from 55 lenders against thousands of items of broadcasting equipment that simply did not exist. The SFO's case, which remains ongoing, has so far involved a raid, three arrests and the search of three properties in an investigation involving a range of suspects. SFO director of operations, Emma Luxton, says: "Our first Crypto Wallet Freezing Order is an important step as we build our crypto asset capability and signals our intentions as we adapt to tackle increasingly sophisticated attempts to hide criminal assets." Thomas Cattee, head of regulatory and white-collar crime and partner at Gherson Solicitors comments: 'It is great to see the SFO finally using these new powers to attempt to freeze and seize the alleged proceeds of crime stored in novel ways. It is clear from countless examples that fraudsters are turning to new and novel way to hide the alleged proceeds of their crimes, including by way of cryptoassets, so it's very encouraging to see the UK's premier fraud-fighting agency demonstrating that it can keep pace and demonstrably act in accordance with its business plan." The news comes as the UK Home Office works towards the sale of at least £5 billion in bitcoin seized from criminals. The Home Office amassed the cryptoassets after freezing 61,000 BTC from a Ponzi scheme in 2018, though its victims have asked for the funds to be returned.
