Did Scott Dylan Defraud Barclays for £13.7m?

Originally Syndicated on May 15, 2024 @ 2:51 pm

Scott Dylan is an entrepreneur and the owner of Inc & Co. According to his press releases, he has an impressive track record and is a thought leader in the industry.

However, his professional background is ridden with controversy. In fact, he is currently embroiled in a major legal battle with Barclays Bank. Apparently, he (and some other people) defrauded the bank for millions of pounds.

Scott Dylan is

The Promotional Claims of Scott Dylan:

Here is the summary of his marketing claims:

Scott Dylan is a co-founder and partner at Inc & Co, a business collective based in Manchester, UK, that acquires and nurtures digital businesses to promote growth and innovation.

Since its establishment, Scott Dylan has played a crucial role in steering the company towards its mission of revitalizing businesses by providing them with the resources and support they need to succeed in competitive markets.

Under his leadership, Inc & Co has expanded its portfolio significantly, incorporating companies from various sectors including digital marketing, logistics, food and beverage, and technology. His strategic vision focuses on fostering collaboration among the group’s companies to leverage synergies and drive collective success.

Certainly, Scott is trying to reinvent his image with Inc & Co in Manchester. However, it might not be as effective as he thinks it to be.

All About the Scott Dylan and Barclays Bank Case:

A court date was set for January 13, 2025, for a civil case filed by Barclays Bank against a Manchester-based businessman and his associates. The bank alleges that they took £13.7m without authorization and for their own personal gain.

Barclays Bank made a claim against Scott Dylan, Gareth Dylan, Sally Ann Glover, and David Antrobus.

Another claim was filed against Fresh Thinking Group (formerly known as Old3 Limited), Jack Mason, and Inc Travel Group Limited (formerly known as Old2 Limited), both of which have since gone into compulsory liquidation.

Barclays argued that all the individual defendants, except for Gareth Dylan, were implicated in a conspiracy to harm Barclays through illegal methods. The defendants denied the conspiracy allegation and contested the claims made by Barclays.

A hearing was scheduled for April 29, 2024, where Barclays alleged that the defendants had breached multiple freezing orders, resulting in their contempt of court.

Claims were made regarding the transfer of approximately £13.7m from accounts held with Barclays by subsidiaries of Fresh Thinking Group. It was noted that these accounts had no or insignificant credit balance at the time.

According to Barclays, there were around 830 payments made in amounts slightly below the £50,000 threshold. These payments would have triggered the need for further approval.

According to Barclays, the money was transferred to Fresh Thinking Group and another subsidiary, FT Ops Limited, before being distributed further and allegedly leading to the defendants’ personal enrichment.

Legal sources indicate that Barclays filed the case against Scott Dylan in October 2021. The case is still pending as mentioned in media reports.

Scott Dylan is a Convicted Criminal?

I found a detailed thread about Dylan when I was looking into his past. It turns out that Scott Dylan might not even be his real name.

Here’s a snippet of a thread I discovered on the guy:

According to the user, Scott Dylan, also known as Reece Dylan, was widely regarded as a notorious scammer. They say that the other user were lucky that it was just a few hundred dollars — some companies were out thousands.

Reece had utilized credit cards that were stolen or obtained fraudulently to make purchases for airline tickets, hotel accommodations, hosting services, content, and even sponsorships for webmaster trade shows. The previous company he worked for was Pulz Productions, which had accumulated thousands of debts.
Reece used to consider himself a big shot and would often make offers to buy companies without even seeing them first. He preferred staying at upscale hotels and left without paying a bar tab that amounted to almost $20K after his credit cards were declined.

He was reportedly being sought by law enforcement agencies in the UK and had last been spotted in Ireland.

When the user visited gaymainstreet.com, they searched for “pulz productions” and discovered the thread titled “Industry Alert Mass Fraud,” along with other threads that provided specific information about the extent of his fraudulent activities.

He operated on fraud, scams, and chargebacks. Having access to data, he potentially mined it for valuable information such as credit card numbers, personal details, and financial data.

The assistant expressed regret that it could not assist anyone other than to advise them to quickly distance themselves from the individual in question. It suggested that it would be wise to assume that anything associated with him is connected to fraudulent activities or ill-gotten funds.

Possible Consequences for Scott Dylan of Inc & Co.

In the UK, the legal consequences of committing financial fraud are severe and can include both criminal penalties and significant financial sanctions. Here’s a detailed breakdown of the penalties based on the type of fraud committed:

1. General Fraud Penalties under the Fraud Act 2006

Under the Fraud Act 2006, fraud can be committed in several ways including fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position. The penalties for these offences can be substantial:

• Maximum Penalties: Individuals found guilty of fraud under this Act can face up to 10 years of imprisonment[1][5][7].
• Less Severe Cases: For less severe instances, penalties might include fines or lower prison sentences depending on the specifics of the case, such as the amount defrauded and the defendant’s role in the fraud[1][5].

2. Specific Fraud Types and Their Penalties

• Benefit Fraud: This includes dishonestly claiming benefits such as housing or unemployment benefits. Penalties can range from fines to imprisonment, with the most severe cases seeing up to 10 years in custody[10][11].
• Tax Evasion: Tax evasion can lead to penalties up to 200% of the evaded tax, and in serious cases, imprisonment for up to 7 years[18].
• Corporate Fraud: The introduction of the ‘failure to prevent fraud’ offence under the Economic Crime and Corporate Transparency Act 2023 means that companies can face unlimited fines if they fail to prevent fraud by an associated person[6][8].

3. Additional Consequences

• Reputational Damage: Beyond legal penalties, individuals and companies involved in financial fraud can suffer severe reputational damage, which can affect future business and personal prospects[6].
• Civil Recovery and Confiscation: Courts can also order the confiscation of assets gained through fraudulent activities, aiming to recover the proceeds of crime[1][5].

4. Enforcement and Prosecution Agencies

• Serious Fraud Office (SFO) and Crown Prosecution Service (CPS): These agencies handle the prosecution of complex and serious fraud cases across England and Wales[4][17].
• Financial Conduct Authority (FCA): The FCA also imposes fines and sanctions for fraud-related offences within the financial services sector[19].

5. Recent Legislative Changes

The recent legislative changes under the Economic Crime and Corporate Transparency Act 2023 have broadened the scope of liability for companies, making it easier to prosecute corporations for failing to prevent fraud, thereby increasing the risk of prosecution for both individuals and organizations[6][8].

In summary, the UK has a robust legal framework for dealing with financial fraud, featuring severe penalties that include long prison sentences, hefty fines, and the potential for significant reputational damage. These measures are enforced by specialized agencies and are designed to deter fraudulent activities and promote transparency and honesty in personal and business financial matters.

Conclusion

The case of Scott Dylan is rather unique. Do you think the allegations of him being a major scammer are true?

Share your thoughts in the comments. Let me know what you think.