7 October 2022
The Light Aircraft Association (LAA) has written to its members with news of a financial scam that has cost the association nearly £65,000.
The theft, which involved a fraudster impersonating someone from NatWest’s security department, and money subsequently being transferred to two different accounts. The bank was notified almost immediately, but while efforts continue, only a nominal amount has been recovered.
The LAA’s Board commissioned an urgent independent review which has concluded that there ‘were weaknesses in the Association’s processes and procedures that enabled the fraud to be committed’. The Review Panel, led by David Mole QC, made a series of recommendations which have been considered and adopted by the LAA Board.
Eryl Smith, LAA Chairman told members:
“Any loss of members’ funds is deeply regrettable and the Board takes very seriously the requirement to address those aspects of processes and procedures which contributed to the loss. The Board will continue to make strenuous efforts to recover the losses from the bank and through other channels as well as pressing the police in their investigations to identify the criminals responsible for the fraud. These efforts will continue.
“Together with CEO, Steve Slater, I will make a full report at the AGM, summarising the findings of the Review Panel, setting out the recommendations and progress on implementation together with an update on efforts to recover the defrauded funds. Following the AGM I will again write out to members to provide an update.”
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