New Serious Fraud Office boss races to hire investigators in bid to revive its reputation
- Nick Ephgrave wants to reverse the decline in the number of lawsuits
- He aims to recruit up to 150 new investigators, which will increase the number of fraudsters to 600
- Ephgrave believes that recruiting more permanent staff will make operations more efficient
Hiring: New SFO boss Nick Ephgrave
The Serious Fraud Office is rushing to hire another 150 sleuths as it looks to rebuild its reputation after a number of high-profile setbacks.
The new boss of Britain's anti-graft agency, former Metropolitan Police deputy commissioner Nick Ephgrave, wants to reverse a decline in the number of cases brought to court under his predecessor.
He aims to recruit up to 150 new researchers, which will increase the organization's army of fraudsters to 600, the maximum allowed under spending limits agreed with the Ministry of Finance. More than 100 vacancies have already been offered.
Ephgrave believes that recruiting more permanent staff will make operations more efficient. Right now, the SFO is relying on temporary workers to make up the numbers.
His loftier ambitions for the SFO could lead to a showdown with notoriously cash-strapped Treasury officials.
The former police officer, who took over in September, is the first non-attorney to take charge of the agency in its 35-year history.
Ephgrave said: “Fraud destroys lives and damages the economy. I am committed to building SFO capabilities and creating the team this country needs to tackle complex economic crime.
“Talented people from all backgrounds are inspired by our mission and are joining our ranks in droves.”
Under his predecessor, former FBI attorney Lisa Osofsky, the number of criminal cases prosecuted by the agency fell by half.
The SFO suffered a major blow in August when it was forced to drop its investigation into Rio Tinto and Eurasian Natural Resources mining companies.
Several other cases have collapsed in recent years, earning the agency the nickname the Serious Farce Office.
In March, the SFO dropped a trial against three former G4S outsourcing executives after prosecutors said the agency had offered no evidence against them despite a decade-long investigation.
Ephgrave has previously said he is focused on prosecuting cases involving large numbers of victims.
He will no doubt be hoping to avoid a repeat of 2017, when the existence of the SFO was questioned as the government considered whether to merge the organization into the National Crime Agency, also known as the 'British FBI'.
A major victory came in November last year when commodities giant Glencore was fined £281 million after the company pleaded guilty to a series of bribery offenses following charges brought by the SFO.
Last month, SFO officers arrested seven people and raided nine locations linked to law firm Axiom Ince as part of an investigation into £66 million of missing client money.
A week later, the agency seized £250,000 that convicted fraudster Achilleas Kallakis had invested in The Queen's Club, a prestigious tennis club in west London.