SFO boss calls for prosecutions

Financial institutions and individuals should be subject to criminal prosecution for the kind of "reckless" behaviour that contributed to the financial crisis, the outgoing director of the Serious Fraud Office told the Sunday Telegraph. Richard Alderman said: "What I am thinking of is some kind of offence of being involved with recklessly running or being involved in the running of a financial institution. We are thinking about banks, CDOs. I have been pushing this to MPs.” Alderman bemoaned the fact that under existing rules it is almost impossible for the SFO to bring criminal charges against an institution, unless it can prove a “directing mind” such as the chief executive was involved.