View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
  2. Wealth Management
February 24, 2021updated 01 Mar 2021 10:49am

The HNW guide for dealing with blackmail

By Rasika Sittamparam

What should HNWs do when confronted with a demand for money with menaces? Experts offer tips on dealing with blackmail

1. PREVENTION IS BETTER THAN CURE

Among HNW victims, ‘sextortion’ is the most common form of blackmail, says Emma Woollcott, head of reputation at Mishcon de Reya. ‘A very sad and true fact is, most blackmail is men who got caught with their pants down, either with rent boys or younger girls.’

2. KNOW YOUR ENEMY

Blackmailers are often known to the victim, says David Sleight, a partner at Kingsley Napley, and are sometimes in a close personal relationship with them. However, Woollcott says perpetrators can also be discreet.

3. DON’T PAY UP

The most common mistake is paying the ransom before taking advice, according to Sleight. This can make the victim of blackmail criminally liable, and ‘my experience is that if you pay money once, it’s never just once’, he says.

4. SEEK EXPERT ADVICE

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

‘Time is of the essence,’ advises Woollcott. ‘The earlier you get advice, the earlier we’ll be able to do forensic investigations that might be necessary.’

5. CONSIDER DOING NOTHING

‘In the majority of cases, the blackmailer is not going to carry out the threat – because if they do that, they’ve got absolutely no leverage,’ Sleight says. ‘Choosing whether to engage with the blackmailer or not is a critical decision.’

Image: Shutterstock/ Sasun Bughdaryan

Read more:

The best reputation lawyers for high-net-worth individuals

The best reputation managers for high-net-worth individuals

Reputation management in the time of cancel culture

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network