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Author loses life savings over accounting fraud

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8th May 2013
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Bestselling author Hanif Kureishi has lost his life savings of £120,000 after his former accountant encouraged him to invest in a potentially fraudulent property deal.

Adam Woricker, a former partner of London accountancy firm Fisher Phillips, advised the famous playwright, author and screenwriter to part with his money in 2011 and 2012 with  two investments.

The firm was recommended to Kureishi, famous for books The Buddha of Suburbia and My Beautiful Laundrette, in 2011 by his agent.

The Guardian reports seeing an email from Woricker to Kureishi, promising a 15% return on the 120-day investment.

“One of my clients is completing a property deal which involves them obtaining around £10m loan facility that they will use to purchase a series of properties,” Woricker wrote.

“They paid their deposit of around £400,000 and now have been asked for proof of funds for around another £200,000 - £250,000. I have arranged a lot of this already through clients and friends and I have put in £20,000 myself.”

Kureishi invested two lump sums, one of £50,000 in 2011, which he received interest back for and one of £70,000 in 2012.

Following his second deposit however, he was informed by Fisher Phillips that Woricker had been sacked and that he should contact his lawyer.

Kureishi, who admits he knows little of complex financial advice, said the £120,000 was his life savings he was putting by for the "ups and downs" of being a writer.

The firm denies involvement with the suspected fraud and says that Woricker was “personally responsible” for raising finance for the investment scheme.

“Fisher Phillips does not offer this type of investment advice and is not authorised to do so and this is made clear in our contracts with our clients,” a spokesperson for the firm said.

“Woricker acted otherwise than in the usual course of the business and entirely on his own account. Any contracts made by individuals signing up to the investment scheme were with Woricker or the investment company, not Fisher Phillips.

“Most people involved have accepted they understand that their arrangement was outside of the firm. We have every sympathy for those affected and are in regular communication.”

The investment scheme is now the subject of a police investigation into Woricker and his activities. It's understood that Woricker has been arrested, but is on bail until 28 May. 

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By ver1tate
08th May 2013 16:28

Author loses life savings over accounting fraud

If a deal looks to good to be true, it certainly is.

An email from Woricker to Kureishi, promising a 15% return on the 120-day investment. If Woricker, or anyone, could make such a fantastic return, would they not keep it to themselves? How gullible can one get?

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By Andrew Mann Keytime
10th May 2013 11:04

I'm sure that someone will get a "severe

reprimand" for this eventually.

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By Masheymedho
27th Jun 2013 09:52

Thee writer must have learned his lesson now.

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