Richard Frost FCA
Partner
Richard’s experience includes criminal cases, commercial litigation matters, SPA disputes,
professional negligence and fraud matters.
Richard joined Tempest as a Partner in April 2014, having previously been an Associate Director at Grant Thornton.
He has been instructed as an expert witness on over 70 occasions and has managed the preparation of numerous other expert witness and advisory reports.
He is particularly familiar with criminal cases, either acting on behalf of the defence or the prosecution, particularly in respect of POCA confiscations. Richard spent a year with the Economic Crime Unit of a major police force.
Richard has also specialised in claims relating to mis-selling by banks, contractual breaches, professional negligence and SPA disputes relating to completion accounts, earnouts and warranty claims. A key focus of Richard’s work is establishing feasible and realistic counterfactual scenarios from which to project ‘but for’ loss assessments.
Richard regularly attends conferences with Counsel, meetings with other accounting experts and mediations. Richard has given evidence in the Crown Court on six occasions, including via video link.
Richard lives in Bristol with his wife and two children. Outside of work, Richard enjoys outdoor pursuits such as running, skiing and hiking. Richard is a sports fan, regularly watching football, cricket and golf. He also coaches his son’s football and cricket teams on a voluntary basis.
Please contact us for a copy of Richard’s full CV.
Examples of Experience
- Examination of Benefit and Available Assets in Proceeds of Crime Act (POCA) confiscation matters. Tracing sources of funds and considering double counting. Numerous cases including:
- Romal Capital (CO2) Limited v Peel L & P (Ports) Limited – assisted in the calculation of losses flowing from a breach of contract which prevented a major construction project in the Liverpool Docks. Detailed analysis of comparable projects enabled a robust calculation of counterfactual profits. Judge favoured this evidence over alternative approach adopted by the Defendant’s expert.
- Quantification of lost commissions following a breach of an agency agreement in respect of SIM cards registrations. Case involved analysis of data from millions of SIM cards over a 10 year period. Attended mediation which successfully settled the dispute.
- Calculation of consequential loss arising from the mis-sale of Interest Rate Hedging Products (IRHP). Multiple engagements dating back to 2008 when interest rates fell dramatically, resulting in multi-million pound losses, including insolvencies particularly in the property sector. . Engagements included the reported case of Property Alliance Group v RBS (reported case).
- Preparation of reports to the Foskett Panel considering claims for loss resulting from the HBOS Reading Fraud in the late 2000’s.
- Consideration of potential loss to investors in a holiday park which was, in effect, a Ponzi scheme. The fraud was not identified by the auditors and the business entered liquidation with a multi-million pound deficit.
- SPA dispute in respect of an IFA business. Examination of SPA terminology, compilation of completion accounts and quantum of losses from alleged breaches of warranties.
