Marrache London hits out after Gibraltar partners charged with false accounting

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  • Another sunny place full of shady people.

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  • i come from gibraltar, not everyone in there is shady. just the rich ones generally...

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  • i am glad they are considering the employees at the London office.

    But no one seems to have mentioned the poor employees in the Gibraltar offices, they also have livelihoods to consider!

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  • chorizo

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  • City Gent... that's rich considering the amount of shady people there are in the City! Gibraltar FSC has caught these people out - this kind of thing could happen anywhere and it's not fair that Gibraltar's reputation suffers because of a pair of crooks who got caught with their hands in the cookie jar!! And misspop makes another unfair generalisation. The majority of people with money in Gibraltar have made it through honest hard work - sounds to me like someone has a chip on her shoulder!! The Anonymous comment is the only logical post on this page so far. The Marrache's dodgy dealings will have put many innocent members of their office staff in very difficult positions. I hope the Marraches get their comeuppance.

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  • I find the sunny place shady people comment offensive. Why tar a small country with a brush because of two allegedly greedy brothers?

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  • I am glad to see that the Gibraltar authorities have taken such firm action and this should install confidence in the regulatory system.

    As an offshore based professional it this type of news that give the rest of us a bad name.

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  • City Gent - you are a pr*ck.

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  • I also live in Gibraltar and I can assure you that the majority of the people are honest hard working individual trying to support their families.

    One bad example should not be a reflection of the whole place.

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  • City Gent:
    I am pretty certain that those in cloudy places have even more to be concerned and much less to be smug about.
    The only shady people in Gibraltar as those sitting in the shade when its bright and sunny after working hard for a decent and honest living.

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  • City Gent - Firstly dont get me started on shadey dealings in the city, its you lot playing with out money that got us inteh state we are in now!!! At least our financial services keep an eye on the ball and dont let idiots like you ruin the country.
    Secondly - You presume that because Gib is offshore so far away nobody keeps an eye on us. You have no idea how wrong you are. FSC on your door step breathing down your kneck every second of the day keeps everybody decent and honest on their toes and at the same times catches those who arnt.

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  • How quickly the the other international offices of this firm are jumping ship !
    A week ago they were probably informing prospective clients that they are a multinational firm,now 'we are linked only by brand'
    Is the London office not run by a third brother?
    London llanito

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  • There is any difference with the others law firms in Gibraltar. They all do the same and the FSC know that.

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  • Good comments by all !

    For whatever Gibraltar is, it is the staff i feel sorry for. Who is looking after their interests no one by the looks of things (and this is supposed to be a reputable law firm)

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  • As has been said ....the London office is/was run by Issache Marrache - brother of Benjamin and Solomon and who has also been suspended by the Gibraltar courts. They have disgraced themselves.
    The London office claim that they are innocent etc all comes a bit late in the day - as has been said they were proud to be part of an international network only a week ago. A claim still made on their website!

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  • As one of many of the members of staff in the offices in Gibraltar I can say that no one is looking after our interests we have been left totally in the dark about whether we will get paid etc, it is a terrible time for us all!

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  • I can see that the golden thread of innocent until proven guilty is still highly valued. Stop knocking them until someone actually proves that they have done something wrong. The staff have done nothing wrong, yet they are suffering and comments like anonymous and others are uncalled for. you show your ignorance of Gibraltar and its people. Grow up!

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  • how pathetic some people are....
    As if these things dont happen in every jurisdiction....
    barings bank/bcci/madoff... hello? why does gibraltar have to pay the price for a couple of crooks? IT HAPPENS EVERYWHERE. Lets just pray for those poor employees in Gibraltar who wont know how to live and also lets not forget the victims who have lost all that money they invested with the law firm....
    why dont we focus on that rather than slag off Gibraltar?

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  • I worked for Marrache & Co Gibraltar for six years, working for both Isaac and Benji, and knew Solly and the rest of the family. I am shocked and saddened to read these stories and really feel for all my friends and colleagues who were still working there.

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  • To all the Marrache staff, the rest of us in Gib are thinking of you and we hope you get something soon.
    Everyone is innocent until PROVEN guilty we should try not to jump to conclusions until all of the facts are out there. It wont help anyone to make wild accusations as people's livelyhoods are at risk.
    Its funny how outsiders always think that offshore jurisdictions are shady. The city ladies and gents of 'onshore' jurisdictions around the world have pratically brought the globe to its knees with selfishness, greed and white collar crime so there is utterly no place for finger pointing from them.

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  • I must say that I am glad to see that trial without jury is coming along beautifully in the legal community. It was a step too far to proceed with criminal trials by judge alone but with all of your efforts we have byassed the trial without a skerrick of evidence being presented (other than the initial charges being laud) and many of you have jumped to sentencing ... I am impressed and by the way how many of you are card carrying star chamber members?
    Clearly the FSC is doing its job, so will the courts and Gibraltar's reputation for honest dealings will be preserved through its regulatory bodies.

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  • I am absolutely amazed by the comment from the London office of Marrache, as being nothing to do with Gibraltar, except by the brand association. The Senior Partner of the London firm is Isaac Marrache and he set up Gibraltar 30 years ago then he went over to London to set that one up, how can we have no link when we share the same boss it is utterly pathetic considering Stephen Daultrey has been struck off for dodgy dealing I marvel at his comments, it was not so long ago he visited the Gibraltar office to do business and spend some time with the staff there, he is constantly advising them and working closely with them on client issues and opinions.
    As for Gibraltar, all firms act in the same manner the people concerned are good men and have been made an example of, I know there will be law firms all over the rock shredding evidence as we speak!

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  • I know someone who had a trust fund with this branch and now it has really screwed things up financially for him. What happens now. If anyone has any legal advise for me please feel free to inform me cheers.

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  • i am surprised at all the fuse in Gibraltar and london over this matter. the issues were clear to be seen by everyone. Regulators, lawyers, staff and clients. Do people have short memories and can they not do internet searches? these lawyers republation was whiter than white and plain for everyone to see. Ask anyone in the know in Gibraltar about the Marrache's and co and i am sure they would have told you they were hard working and honest to the bone. I am sure all of their legal colleagues are totally surprised that the last weeks events.

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  • Everyone mentions two brothers, but there is a third who was the senior partner. What has happened to him? or has he denied all knowledge, as he would! and what about others, like me that have lost money due to sticky fingers in the client account.

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  • Every jurisdiction everywhere has its good and bad eggs. If these guys are found to have done anything wrong then all it will show is that Malta is the same as the rest of the world in this regard.

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  • The third brother was not a senior in the firm, this position was altered some years ago for reasons I do not know.
    As for the Company... The whole thing should be investigated. As far as I am concerned senior management couldn't have gotten away with everything without the direct or indirect assistance of at least some staff members. Unfortunatley everyone seems to turn a blind eye ... IF the allegations are true then they should be made examples of and hopefuly others in the business will thake the regulations more seriously!

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  • These people are alleged to have committed certain offences. They will be tried and the jury will decide based on the evidence - as per normal. In the interim there are many worried people who need to understand where they stand. I will be happy to hear from such people. I have been practising law in Gibraltar for thirteen years although I am not originally from Gibraltar,

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  • The longer Isaac stays away from Gib the longer his brothers will stay behind bars.
    How can any court be expected to believe that Benji and Solly will not abscond if their brother refuses to return to face the music.
    If he is any kind of a man he will return to help and support his brothers.
    London llanito

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  • With ref to the comment of the 17th Feb @ 4.10 I find this totally offensive that you even consider staff members to be involved. It's the Partners who are ultimatly responsible for the firm as it is their business, and staff have nothing to do with the alledged crime. Please remember that this is a PC based program and that the comments contained herein can be traced even if you post annoymously. so please do not mention staff again in this regard.

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  • CityGent:
    I am a Gibraltarian and you have just illustrated to everyone that you don't know anything about Gibraltar, that you are ignorant to the situation and that you come from somewhere where the sun doesn't shine very much! So if you have nothing constructive say, don't bother saying anything. We work hard and honestly in our country... our reputation is on the line without ignorant people generalising, like you.

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  • This situation is most unfair for Gibraltar who boast some superb, world class law firms such as Isola and Isola and Hassans who are as good as any of the Magic Circle firms with the highest standards of client care and integrity. Never before has a Gibraltar law firm been involved in such serious allegations let alone denied bail and locked up. However it happens regularly in the UK. Solicitors are going down like 9-pins, the Fraud Dept of the SRA has never been busier, solicitors are being struck off regularly and rotten firms should down all over the UK. In which case solictors in England should be the equivaelent of a cesspit in the depths of hell by association with the hoards of lawyers currently under investigation by the SRA or already struck off, awaiting trial or already in prison. Poor little Gibraltar.....it only needs to happen there once and the entire place suffers by association. In fact Gibraltar professionals are amongst the best in the world, their Government is exceptional and could teach the louts at Westminster a thing or two (and I include the excellent opposition in this comment) and the people are winderful, it is aplace where Muslims, Christians, Jews, Catholics et al exist in harmony. Gibraltar could teach the world a thing or two. They have been going a long time and one bad firm should never effact the reputation of any legal juristiction....otherwise the UK would be a total no-go area by way of comparison.

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  • Clients monies in Gibraltar to do benefit from the same protection as clinets money in the UK. I deposited in good faith circa 12,000 euro to Marrache & Co's client account for a legal completion. I am now being pursued for breach of contract & It appears that I have lost my money. Some poor people may have lost their life savings. There is no help or support from the Gibraltar Government. They need to act quickly and offer real support and assuarances that clients money remains clients money and is protected.

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  • Is the entire firm now in liquidation, including the London office? The comments of the London Partner at the top of this article suggest that Marrache & Co in London are looking to remain operational. But 2 weeks later this appears not to be the case?

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  • Ask any auditor in gibraltar and you will invariably discover manipulation of client accounts is indeed rife amongst both lawyers ,accountants and indeed estate agents as well.
    For example , at one point in the past a certain legal practicioner deemed it appropriate to help himself to client funds whilst under the employment of another gib based law firm .
    Certain staff members within one of the firms on the rock also found themselves helping themselves to client account funds without the clients prior approval-consent .Everyone in Gibraltar knows about this particular event that took place not too long ago.
    What Gibraltar needs is an independant audit by UK accountants of all law and accountancy firms here in gib over the last decade or so .Without doubt , false accounting would be discovered on a grand scale .
    The Rock Of Gibraltar is not as squeeky clean as it likes to portray itself to the world media , it is littered with deceptive and greedy so called professionals who think , because of their professional standing , that the laws of the rock are only applicable to the working masses , but not them .It has been like this for many years .
    Ask yourself this question , out of the thousands of companies registered here , how many of those companies are involved in tax evasion and money laundering .

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  • It amuses me how many people commenting on this article are content to cast aspersions on Gibraltar and its professionals, but don't have sufficient courage of their convictions to publish their own names - how credible does an "Anonymous" byline make their comments?

    Like any financial centre Gibraltar has its black sheep, but the vigilance of the Financial Services Commission and the Police Financial Crime Investigation Unit, allied with legislation including all crimes money-laundering legislation, which many so-called mainstream European territories don't have yet, mean that clients would be hard-pressed to find a more robust regime in which to confide. In this case it took the FSC less than 5 working days to act, once they had indications of apparent malfeasance on the part of the Marrache brothers.

    The Marrache case is not yet proved, 'tis true, and a long path is to be gone down before the full facts will be known, but those who use this incident to seek to attack Gibraltar as a jurisdiction, or even the rest of the legal profession here, are barking well up the wrong tree!!

    My thoughts are with the Marrache staff; I know unions are stepping in to assist them, and I hope their situations will be resolved.

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  • The words "City" and "gent" together are a tautology.

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