Richard Cornthwaite

Richard joined Olliers in 2023 and specialises in representing persons under investigation or facing fraud prosecutions and financial crime. Richard has acted in many of the largest and most high profile cases ever prosecuted by the Serious Fraud Office, Financial Services Authority, HMRC and the Crown Prosecution Service and frequently advised professionals and directors who are the subject of regulatory investigation.

Richard has a proven record in successfully halting cases during the course of an investigation before charges are brought. Most of our clients are of  impeccable character and are naturally concerned as to the damage to reputation that would follow a court appearance.

Richard has extensive experience (over 30 years) of representing clients facing an interview under caution or Section 2 Criminal Justice Act as well as advising and representing clients facing the threat of their assets and bank accounts (business and personal) being frozen.

Our successful experience over many years enables us to guide and support clients through what is often the most stressful period in their lives.

Fraud/financial crime/bribery investigations:

Richard has represented and advised clients in many of the largest and most complex cases investigated / prosecuted by the SFO and other government agencies for over 30 years. His unrivalled experience has led to many investigations being discontinued prior to charge/trial.

• SFO investigation into Gooda Walker – RC represented individual interviewed as part of the SFO investigation into a collapsed Lloyds underwriting syndicate. The investigation concluded without charges being made.
• SFO investigation into BAE concerning allegations of corruption surrounding an air traffic control contract with the Tanzanian government and the payment of £8 million to an agent who brokered the deal. RC represented a vice president of the company. No charges against any individual following a financial settlement with the company.
• SFO investigation into manipulation of the REPO rate. RC represented a senior former employee of a major UK bank accused of conspiracy to manipulate the bench mark REPO rate. Following interview and representations no charges brought against our client.
• SFO investigation into Alstom and allegations of conspiracy to bribe Lithuanian politicians officials relating to a power station contract worth £240 million. No charge brought against our client who was interviewed by the SFO.
• NHS counter fraud investigation into a major contract to remove asbestos from a hospital after the project soared £60 million over budget. RC client interviewed under caution and following representations no criminal proceedings brought.
• SFO four year investigation into bribery and corruption allegations spanning over three decades at Rolls Royce in multiple jurisdictions.
• Represented individual with no charges brought following Deferred Prosecution Agreement between company and the SFO.
• SFO investigation into Speciality Steels (a business unit of Tata Steel (UK) Ltd ). RC represented the Managing Director and another senior employee in relation to allegations of fraud and forgery following an internal audit found certificates that verified the quality and composition of its steel may have been falsified. Following interview and substantial submissions being made on behalf of clients the investigation ended with no charges being made.
• Turks and Caicos – represented former secretary to the former Prime Minister of T & C in relation to decade long corruption, bribery and money laundering allegations. Following representations made by RC no charges brought against client.
• SFO investigation and prosecution into £100 million investment fraud Axiom  Legal Finance – RC represented a former senior employee. Following representations no charge brought against client.
• Represented individual investigated by SFO into Richmond Oil and Gas concerning alleged irregularities in company share dealing . No charges brought against client.
• Represented individual in SFO I bribery and fraud investigation into ENRC. No charges brought against our client.

Other Cases:

• Rv Spens and others ( Guinness 2 ). Represented S in one of the first cases prosecuted by the SFO
• R v A and others ( Brent walker ) represented finance director in SFO prosecution involving the inflation of profits with the intention of enticing investment.
• Eagle Trust – successfully represented director prosecuted for theft of £13.5 million as part of a an alleged illegal share support scheme
• Operation Holbein – successfully represented business owner in what was ,at the time , the largest and most complex case brought by the SFO . It involved alleged  price fixing in the pharmaceutical industry . The indictment was quashed by the House of Lords which ruled that the conduct complained of didn’t constitute a criminal offence at the relevant time .
• R v M – successfully represented an individual prosecuted by the SFO for an alleged £10 million investment fraud
• R v H represented lead defendant in first SFO prosecution relating to the manipulation of the LIBOR benchmark interest rate  .
• R v R and others – represented lead defendant prosecuted by the SFO in relation to allegations of corruption relating to high value engineering contracts in the oil and gas industry in Iran, Egypt, Russia, Singapore and Abu Dhabi .
• R v K and others – represented defendant prosecuted for £20 million international investment fraud .
• R v S  and others – HMRC prosecution relating to a R &d tax relief claim against a purported £137 million spend on developing an IT healthcare system for 2 countries in the Middle east.
• Recent case include Operation Maple Lodge – the case was prosecuted by Royal Mail and a number of individuals were convicted of £70 million fraud conspiracy involved in the under-declaration of mail that was posted through a network of logistics companies . On 6/10/2023 the Judge recorded a not guilty verdict against client and a number of others.

In addition RC has represented many individuals prosecuted by HMRC over the years for MTIC fraud most recently in Operation Casper which was heard at Liverpool Crown Court in 2024 being an MTIC fraud prosecution where our client stood trial at Liverpool CC on counts of conspiracy to cheat the public revenue and conspiracy to launder money. The alleged VAT loss to HMRC is £1.5 million. The trial lasted over three months.