Serious Fraud Office called in on Marrache case

GIBRALTAR (Agencies) The Royal Gibraltar Police has asked for help from Britain's Serious Fraud Office  (SFO) to help investigate the alleged multi-million pound fraud at Marrache & Co. A team including a case manager and a forensic accountant is expected to arrive on the Rock next month. The RGP's decision to call in the SFO stems from complications in unravelling the case in preparation for prosecution, and the agency's considerable resources and expertise.>

While the Serious Fraud Office is no longer part of the British police, it is nevertheless a government agency that investigates and prosecutes complex fraud and corruption in England, Wales and Northern Ireland. Working closely with law enforcement agencies, it has teams of specialists that include forensic accountants, investigators, lawyers and IT experts in its ranks and works closely with law enforcement agencies.

The Marrache case

The allegations surrounding Marrache & Co. rocked Gibraltar’s legal and financial community earlier this year. Although the initial shock has now subsided, the criminal investigation remains open. Prosecutors believe senior executives at Marrache & Co., formerly one of Gibraltar’s most prominent law firms, plundered funds from the firm’s client accounts.

Three Marrache brothers  face charges stemming from the investigation and are on bail on the Rock. Benjamin and Solomon Marrache, the firm’s partner and finance director respectively, face five joint counts of false accounting, while, with founding partner Isaac, they also face two joint charges of conspiracy to defraud.

Civil case in process

A civil case is also unfolding parallel to the criminal investigation as former clients of the law firm attempt to recover their money. A court-appointed administrator is working to trace assets that could be used to return the missing funds.

The three Marrache brothers were declared bankrupt earlier this year, though Isaac Marrache is challenging that decision.

His case is due to come before the Court of Appeal early next month.

[Sources include The Gibraltar Chronicle / Brian Reyes]