Former Deutsche Bank trader Christian Bittar given green light to pursue civil case against FCA June 6, 2016 A former Deutsche Bank trader has been given the go ahead to continue with a civil case against the City watchdog. Christian Bittar is suing over the manner he was depicted in a penalty notice issued by the Financial Conduct Authority (FCA), which levied a fine on his former employers for its role in the rate rigging [...]
Why “failure to prevent” will fail to prevent fraud and money laundering June 4, 2016 Predictably, reaction to the Prime Minister’s proposal of a new failure to prevent economic crime offence has been mixed. The timing of recent announcement – in the wake of the Panama Papers scandal and just as Mr Cameron's anti-corruption summit kicked into gear – was not lost on some commentators. Others have welcomed the announcement, pointing to [...]
Three men receive sentence totalling just short of 21 years for £79.5m Ponzi scheme fraud May 24, 2016 Three men have today been sentenced to a total of just under 21 years in prison for running a Ponzi scheme, which defrauded investors of an estimated £79.5m. Jolan Saunders, 40, was sentenced to seven years for conspiracy to defraud and one year, which will run concurrently, for acting as a director while disqualified. Meanwhile, Michael Strubel, 54, and Spencer Steinberg, [...]
Fraud squad governance much improved since David Green’s appointment, finds report May 24, 2016 Governance at the Serious Fraud Office (SFO) has improved significantly since the appointment of David Green as director, a report out today has found. The HM Crown Prosecution Service Inspectorate report discovered that the fraud squad had achieved a fundamental shift in its leadership over the last four years. In particular, the report praises the agency for [...]
Libor latest: Accused ex-Barclays trader says he was just doing what he was trained to May 23, 2016 A former Barclays trader accused of Libor-rigging related offences told the court today that email requests by staff for certain rates were indicative of what they were trained to do. Jay Merchant, along with fellow former traders Stylianos Contogoulas, Alex Pabon and Ryan Reich and former Libor submitter Jonathan Mathew, is standing trial charged with conspiracy to defraud [...]
White-collar prosecutions edged up last year, the first increase in five years May 23, 2016 Prosecutors are cracking down on white-collar crime, with the number of prosecutions inching up for the first time in five years, research out today has found. The study by law firm Pinsent Masons discovered that there were 9,401 prosecutions for white collar crime last year, compared with 9,343 the year before. "Any increase in prosecutions [...]
Former Barclays banker tells court that bosses must have known about Libor fixes May 22, 2016 A former Barclays trader who is currently standing trial accused of Libor-rigging related offences told the court late last week that three senior figures at the bank must have known about the rate fixing. Jay Merchant, along with fellow former traders Stylianos Contogoulas, Alex Pabon and Ryan Reich and one of Barclays' former Libor submitters Jonathan Mathew, [...]
Former polymer banknote manufacturer manager sentenced over corruption-based charges May 12, 2016 Peter Chapman, 54, a former manager of polymer banknote manufacturer Innovia Securency PTY, was sentenced for two and a half years at a court in London today for corruption-related offences. Chapman was convicted yesterday on four counts of making corrupt payments to a foreign official, although he was acquitted on an additional two counts he had [...]
Former polymer banknote manufacturer manager convicted on corruption-based charges May 11, 2016 On the eve of Prime Minister David Cameron's anti-corruption summit, the fraud squad had a reason to celebrate – securing a conviction on corruption-based charges. Peter Chapman, 54, a former manager of polymer banknote manufacturer Innovia Securency PTY, was convicted today on four counts of making corrupt payments to a foreign official, although he was [...]
Former Barclays banker pleaded guilty to Libor-rigging offence May 11, 2016 A former Barclays banker pleaded guilty to offences related to Libor-rigging around 19 months ago, fraud squad prosecutors said in court today. Peter Johnson pleaded guilty to conspiracy to defraud in October 2014 after charges were brought against him earlier that year, but a reporting restriction preventing him from being named was not lifted until [...]