HM Treasury launches probe into FCA regulation of collapsed firm London Capital & Finance May 23, 2019 HM Treasury has launched an investigation into the collapse of investment firm London Capital & Finance, which will probe the actions of the Financial Conduct Authority. The independent review, which will be lead by Dame Elizabeth Gloster and is expected to take 12 months, will investigate the circumstances surrounding the failure of LCF, which went into [...]
Major multi-national fraud probe into Airbus could settle this year May 23, 2019 Airbus could reach a settlement with British, French and US authorities in a long-running fraud investigation as soon as this year, sources with knowledge of the case told City A.M. The UK’s Serious Fraud Office (SFO) opened an investigation into Airbus’ use of third party consultants to win international aircraft orders in August 2016. French [...]
Loopholes in anti-money laundering law could be exploited by criminals, MPs and Lords say May 20, 2019 A joint parliamentary Committee today raised concerns that criminals could exploit loopholes in a new bill aimed at clamping down on laundering money through UK property. The joint Committee on the draft Registration of Overseas Entities Bill welcomed the legislation, but said in its current state it could be circumvented by criminals. Read more: EU [...]
Serious Fraud Office arrests four in probe into UK fuel distribution giant Greenergy May 16, 2019 The Serious Fraud Office (SFO) said today it had launched an investigation into UK petrol giant Greenergy, arresting four individuals. The SFO said it had opened a joint investigation with Dutch authorities concerning aspects of biodiesel trading at Greenergy and various third parties. Read more: Serious Fraud Office drops probes into Rolls-Royce and GSK Greenergy [...]
Bank of England warned prosecutors against charging Barclays over controversial Qatar payments May 15, 2019 The Bank of England warned fraud prosecutors against charging Barclays over Qatar payments made at the height of the financial crisis, it has emerged. The Bank’s top regulator Sam Woods told the Serious Fraud Office in 2017 that criminal charges could pose a threat to Barclays’ safety and soundness, the Financial Times reported. Woods, [...]
Tory MP Johnny Mercer dismisses alleged ties to London Capital & Finance as ‘smear’ by rivals April 24, 2019 Tory MP Johnny Mercer has hit back at allegations he was involved in collapsed firm London Capital and Finance (LCF), claiming they are part of a "co-ordinated attempt" to go after him. Mercer, who is thought to want to run for Tory leader, has been under scrutiny for his non-executive director role at the Crucial Academy, for [...]
Jury discharged in trial of senior Barclays executives accused of financial crisis fraud April 8, 2019 The jury in the trial of four former senior Barclays executive accused of fraud for their part in a financial crisis-era emergency fundraising was discharged today. The high-profile case marks the first time senior bankers have faced court in a case related to the 2008-09 financial crash. In October the High Court quashed an attempt by [...]
Fraud squad boss will favour firms who keep hold of incriminating evidence April 3, 2019 Companies should be prepared to keep hold of evidence of fraud and corruption in their ranks if they want to co-operate with the authorities, the boss of the UK fraud office has said. Lisa Osofsky, the recently appointed director of the Serious Fraud Office (SFO), said companies not only needed to be "brave enough" to [...]
Euribor rate-rigging trial delivers the fraud office a much-needed win April 1, 2019 The convictions of two former Barclays bankers in the Serious Fraud Office’s long and protracted probe into Euribor manipulation will inject a new sense of purpose into an agency weary from a string of defeats and climbdowns. Today Carlo Palombo and Colin Bermingham were sentenced to a combined nine years in prison for their role in [...]
Ex-Barclays traders sentenced to combined nine years in prison in Euribor rigging trial April 1, 2019 Two former Barclays traders were sentenced to a combined nine years in prison today after they were found guilty of rigging the Euribor interest rate benchmark. Sentencing, Judge Gledhill handed Carlo Palombo four years in prison and Colin Bermingham five years for their part in conspiring to manipulate Euribor, the euro currency's money market reference [...]