On 3 August 2021, the Daily Mail published a story with a characteristically sensational headline – ‘Property tycoon, 46, who lost his wife and £5.5 million Belgravia home to Cesc Fábregas is convicted of £2 million fraud’. Not only were such reports accurate, they contained important lessons for those representing high net worth individuals. More specifically, the case referred to provides a blueprint for privately prosecuting fraudsters in criminal courts and demonstrates why financial advisers to high net worth individuals should readily recommend this legal tool.

For background, on 2 August 2021, property developer Elie Taktouk was convicted of 11 counts of fraud and dishonesty relating to a defunct property renovation in Knightsbridge, London. The Taktouk family, well known in Nigerian and Lebanese communities, is allegedly worth circa £150m. Taktouk leveraged his family’s wealth and his associated reputation as a ‘property tycoon’ to extract around £2.5m from reputable investors Adrien Noel and Frank Noel. At various junctures, Taktouk represented to the Noels that their funds were being used for aspects of the redevelopment, such as installing a sound system and wooden flooring. The reality, however, was vastly different.

Once