Princess Yachts defrauded

FlowerPower said:
http://www.telegraph.co.uk/news/ukn...ntial-fraud-at-luxury-boat-building-firm.html

"Six men have been arrested by police on suspicion of carrying out a 'substantial' fraud on a luxury boat builder.

The six aged between 41 and 56 and all from Plymouth, Devon, have been arrested as part of an ongoing inquiry into fraud committed on Princess Yachts who are based in the city."
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Got to say I'm surprised - they should be pretty used to selling high value items to all sorts of people and countries. I guess it can happen to the best of them...

It might be nice to re-title the thread something like "Princess Yachts defrauded" or "Fraud against Princess Yachts" perhaps? I read it as being Princess Yachts that had actually committed the fraud as opposed to them being defrauded. May just be me being awkward though.
 
Errm, mods might be able to rename a thread, but I can't.
Original headline was "Six men arrested after probe into "substantial fraud" at luxury boat building firm".

Clicking on the link makes it pretty clear what was going on: Princess have suffered a loss, defrauded by dodgy (ex) employees.
 
FlowerPower said:
Errm, mods might be able to rename a thread, but I can't.
Original headline was "Six men arrested after probe into "substantial fraud" at luxury boat building firm".

Clicking on the link makes it pretty clear what was going on: Princess have suffered a loss, defrauded by dodgy (ex) employees.
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Ah, I missed the bit about two of them being ex-employees, makes it more understandable.
 
I don't think it will be anything to do with the actual selling of boats. I suspect it will be more along the lines of theft from the company in one form or another.

As has been said I think a title change might be in order to clarify that Princess is the victim rather than the culprit.

Henry :)
 
Goods out of the back door I suspect. Years ago, Fairey Marine lost 2 x Perkins 6.354 Turbo engines. Seems they were taken down to component parts and handed over the fence over a period of weeks. Surprising what can be carried out in a lunch box!
 
itchenseadog said:
Goods out of the back door I suspect. Years ago, Fairey Marine lost 2 x Perkins 6.354 Turbo engines. Seems they were taken down to component parts and handed over the fence over a period of weeks. Surprising what can be carried out in a lunch box!
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Something similar happened at Sunseeker in Poole a few years ago. The guy got three years free board and lodging.
 
FlowerPower said:
http://www.telegraph.co.uk/news/ukn...ntial-fraud-at-luxury-boat-building-firm.html

"Six men have been arrested by police on suspicion of carrying out a 'substantial' fraud on a luxury boat builder.

The six aged between 41 and 56 and all from Plymouth, Devon, have been arrested as part of an ongoing inquiry into fraud committed on Princess Yachts who are based in the city."
Click to expand...

Will they plead not guilty, because the charge is incorrect?
"on suspicion of carrying out a 'substantial' fraud on a luxury boat builder." ;)
 
alant said:
Didn't he walk out, with 100% of a sunseeker hidden in his lunchbox?
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No. The papers tried to sex it up by claiming he was trying to steal an entire boat a bit at a time, but if memory serves the reality was a few TVs, nav systems, that kind of thing.
 
If the fraud is of the type suggested, you'd expect the stock control system would pick it up, or the annual stocktake, perhaps. Especially if the word 'substantial' is being used properly!
 
As this is described as 'fraud' and not 'theft' it could possibly relate to materials supply. As a manufacturer with an extensive and varied throughput of raw materials I have come across many types of scams, some theft and some fraud, but most have tended to also involve outside agents. However, one of the easier 'frauds' to operate is where a supplier, or even suppliers, 'incentivise' staff who are involved in some level of purchasing of materials or products. Whilst this may only operate sometimes at a quite basic level as a means of ensuring that one supplier's wares are purchased over another, it can also quite easily extend to a situation where purchase prices can be significantly hiked in order to provide a healthy extra income to all involved. Having encountered this and similar scams in my own company as well as whilst helping out other company owners over a period of years, I can't help feeling that this is possibly far more common than might be expected, especially as, in my experience at least, most company's prefer not to advertise it once discovered.
 
I thought motorboats were compensation for people without big lunchboxes? :)

Might be interesting to see what develops. I was once shown a barn full of timber and laminates that were supposedly 'ex Princess' - being sold off as end of line! It never occurred to me that it might have been 'off the back of a truck'.
 
stillwaters said:
.....I can't help feeling that this is possibly far more common than might be expected, especially as, in my experience at least, most company's prefer not to advertise it once discovered.
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There is a very good book by Frank Abignale (the subject of the Leonado diCaprio film Catch Me If You Can) on company fraud and how it starts and how to prevent it. He reckons barely 10% of company fraud is punished in court because most companies are too embarrassed to make it public. Well worth a read for any company owner.

http://www.amazon.co.uk/Art-Steal-Y...qid=1389886152&sr=1-2&keywords=frank+abagnale
 
itchenseadog said:
Goods out of the back door I suspect. Years ago, Fairey Marine lost 2 x Perkins 6.354 Turbo engines. Seems they were taken down to component parts and handed over the fence over a period of weeks. Surprising what can be carried out in a lunch box!
Click to expand...

According to a reliable contact Fairline lost a boat which was loaded on a lorry for transport one night, found them separately in Europe!
 
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