Current timestamp: 30/01/2023 18:52:23
AgeAlertAnonymousAppealsApplicationsApply Or RegisterArea OutlineArrow DownArrow LeftArrow RightArrow UpAutomatic DoorsBack ArrowBusinessCalendarCashArrow DownArrow LeftArrow RightArrow Down[Missing text '/SvgIcons/Symbols/Titles/icon-chrome' for 'English (United Kingdom)']ClockCloseContactDirectionsDocumentDownloadDrawDrugExpandExternal LinkFacebookFb CommentFb LikeFiletype DefaultFiletype DocFiletype PdfFiletype PptFiletype XlsFinance[Missing text '/SvgIcons/Symbols/Titles/icon-firefox' for 'English (United Kingdom)']First AidFlickrFraudGive FeedbackGlobeGuide DogHealthHearing ImpairedInduction LoopInfoInstagramIntercom[Missing text '/SvgIcons/Symbols/Titles/icon-internet-explorer' for 'English (United Kingdom)']LaptopLiftLinkedinLocal ActivityLoudspeakerLow CounterMailMapMap PinMembershipMenuMenu 2[Missing text '/SvgIcons/Symbols/Titles/icon-microsoft-edge' for 'English (United Kingdom)']Missing PeopleMobility ImpairmentNationalityNorth PointerOne Mile RadiusOverviewPagesPaper PlaneParkingPdfPhonePinterestPlayPushchairRefreshReportRequestRestart[Missing text '/SvgIcons/Symbols/Titles/icon-rotate-clockwise' for 'English (United Kingdom)']Rss[Missing text '/SvgIcons/Symbols/Titles/icon-safari' for 'English (United Kingdom)']SearchShareSign LanguageSnapchatStart AgainStatsStats And Prevention AdviceStopSubscribeTargetTattosTell Us AboutTickTumblrTwenty Four HoursTwitterTwitter LikeTwitter ReplyTwitter RetweetUploadVisually ImpairedWhatsappWheelchairWheelchair AssistedWheelchair ParkingWheelchair RampWheelchair WcYoutubeZoom InZoom Out

Quickly exit this site by pressing the Escape key Leave this site

Skip to main content

Skip to main navigation

Welcome

This site is a beta, which means it's a work in progress and we'll be adding more to it over the next few weeks. Your feedback helps us make things better, so please let us know what you think.

Show me the site

city-header-logo-white ( 1)

Search this website

Main navigation menu

  • Report

    Back to Report

    • Crime
    • Road traffic incident
    • Report antisocial behaviour
    • Missing person
    • Fraud
    • Civil disputes
    • Lost or found property
    • Lost or stolen vehicles
  • Tell us about

    Back to Tell us about

    • Tell us about possible terrorist activity
    • How to tell us about something you've seen or heard
    • A procession or event you are planning
    • Abnormal vehicle load
  • Apply or register

    Back to Apply or register

    • Careers
    • Charity collection licences
    • Compensation for victims of crime
    • Firearm, shotgun or explosives certificate
    • Attend a misconduct hearing
  • Request

    Back to Request

    • A collision report
    • Intellectual property (IP) licence
    • Request your fingerprints
    • Information: about the police, about yourself or someone else
  • Thanks and complaints

    Back to Thanks and complaints

    • Complaints
    • Say thanks
    • Feedback about the website
  • Your area

Breadcrumb

  1. ...
  2. News

PAY THE PRICE: Man jailed after being found guilty of laundering over £900,000

Main article content

Navigation

Fraud
Press releases

15:05 08/10/2021

A man has been jailed for laundering over £900,000, after a bank was duped into making a transfer, following a fraudulent email from someone purporting to be one of their clients.

Mark Swain, 62, of Dowanhill Road, Lewisham, South London, was sentenced to four years imprisonment for money laundering on Friday 8 October 2021 at Inner London Crown Court. He was previously found guilty at the same court on Wednesday 15 September 2021.

Detective Sergeant Joby Reeve, from the City of London Police, said:

“Money laundering, the process of legitimising money gained from criminal activities, is an integral stage in the fraud lifecycle and enables many forms of organised crime.

“This sentence sends out a strong message to those individuals involved in enabling financial crime: you will be found out and City of London Police will continue to pursue and prosecute those suspected of facilitating economic crime.”

The City of London Police launched an investigation in October 2017, after a bank was duped into transferring £908,316.52 to a bank account they were led to believe belonged to a client.

Shortly afterwards, the bank received another transfer request for a larger amount of money. As it was soon after the last transfer the request was deemed unusual, so the client was contacted and they confirmed they had not requested either transfer.

Upon further inspection, it was discovered that the requests originated from an email address very similar to that of their client, and the bank had been subject to a business email compromise (BEC) attack. The email actually belonged to criminals purporting to be the client.

The bank had already processed the first transfer request and the funds were sent to a bank account owned and operated by Swain. Upon receiving the funds, he transferred the money to various overseas bank accounts over a three-day period in October 2017.

Although not suspected to be involved in the initial BEC attack, Swain was arrested for money laundering in 2017 and interviewed a number of times during the investigation in relation to receiving and distributing the £908,316.52.

Swain claimed that he received the money after he sold a villa that he owned in Turkey in 2014. He claimed that the money was for payment of the villa and to pay the contractors who were renovating the villa for the buyer. After the initial transfers were made, Swain was left with approximately £150,000.

The jury at Inner London Crown Court unanimously found Swain guilty of money laundering following a seven day trial in September 2021.

What is business email compromise fraud?

Business email compromise (BEC) fraud is a form of cyber crime which uses email fraud to target commercial organisations. This can take the form of a spoof email fraudulently representing an employer in order to deceive the victim into making money transfers into the bank account of the fraudster.

Unlike standard phishing emails, these are crafted to appeal to specific individuals and are often used to perpetrate payment diversion fraud. For information and advice relating to the identification and prevention of payment diversion fraud and business email compromise visit, visit Action Fraud’s website.

Share

Is there a problem with this page?

Footer navigation

We use cookies on this site to give you a better, more personalised experience.

I'm fine with cookies I'd like to manage the cookies

City of London Police

  • Contact us
  • About us
  • Careers
  • Become a police constable
  • News
  • Find a police station
  • Campaigns
  • Privacy Notice
  • Terms and conditions

Information and services

  • Advice and information
  • Crime prevention advice
  • Stats and data
  • Accessing information
  • Report
  • Tell us about
  • Apply or register
  • Request
  • Thanks and complaints

Partners

  • Police.uk
  • Ask the Police
  • City of London Corporation

Follow us on:

© Copyright 2023. All rights reserved.