Seventh individual charged by Serious Fraud Office (SFO) in investigation into Alstom and alleged bribery March 29, 2016 The Serious Fraud Office (SFO) has today charged another person in its ongoing investigation into alleged bribes paid out in connection to Alstom Network UK, bringing the total number of individuals charged to seven. Terence Watson, Alstom country president for the UK and managing director of Alstom Transport UK & Ireland, has been charged with two corruption-related offences [...]
Libor scandal: Judge orders former UBS and Citigroup trader Tom Hayes to pay over £878,806 March 24, 2016 Former UBS and Citigroup trader Tom Hayes was ordered to pay just shy of £900,000 by a court yesterday, or face yet more time in jail. Hayes, who was found guilty last August on eight counts of conspiracy to defraud for his role in manipulating Libor, was hit with an £878,806 confiscation order following a [...]
Euribor trials: European arrest warrants secured for the five former traders who declined to appear at court hearing in January March 20, 2016 The Serious Fraud Office (SFO) has secured European arrest warrants for five former traders who declined to attend a court date earlier this year. The fraud squad obtained the warrants from a London court late last week in relation to four Germans and one Frenchman accused of playing a role in manipulating the Euro Interbank [...]
Euribor trials: European arrest warrant to be requested for the five traders who declined to appear at court hearing in January March 17, 2016 Five traders who have been accused of playing a part in manipulating the Euro Interbank Offered Rate (Euribor) might soon be making their way to the UK to face charges. It is understood that the Serious Fraud Office (SFO) will tomorrow approach a London court seeking an European arrest warrant for five individuals who declined to [...]
Libor scandal: Serious Fraud Office (SFO) tells Tom Hayes to hand it all over as prosecution demands convicted former UBS and Citigroup trader’s assets, including wedding rings and Surrey house March 15, 2016 Fraud squad prosecutors issued Tom Hayes with a stark ultimatum on Tuesday – that he must hand over nearly everything he owns or face more time in jail. At a hearing in the Old Bailey, the prosecution alleged that Hayes, a former UBS and Citigroup trader, was only paid as handsomely as he was because he secured [...]
Serious Fraud Office drops forex probe saying there is “insufficient evidence for a realistic prospect of conviction” March 15, 2016 The Serious Fraud Office has ruled there is “insufficient evidence for a realistic prospect of conviction” in its investigation into forex manipulation. The criminal investigation was launched in July 2014 following allegations of price rigging in the UK's £3 trillion-a-day foreign exchange market. The claims centred around allegations that traders would manipulate the flow of trades and [...]
The future of the SFO is in David Green’s hands – he must encourage firms to self-report if it’s to survive February 10, 2016 The reappointment of David Green as director of the SFO has been a long time coming, and the ending of the uncertainty around the SFO’s leadership is going to be welcomed both inside and outside the organisation. The SFO has certainly restored its reputation as a proper prosecutor after four years under Green’s leadership. But perhaps it is [...]
Two more years for Serious Fraud Office’s director David Green: Attorney general announces contract extension and legal experts share their thoughts February 9, 2016 The director of the Serious Fraud Office (SFO) has today had his contract extended by two years, despite the varying successes of his department over the last year. David Green, who was appointed to his position in April 2012, would have seen his fixed-term role end this April had it not been extended until 2018. "I am [...]
Libor scandal trial: Start of SFO’s third Libor trial delayed as Barclays provides new information February 8, 2016 The Serious Fraud Office (SFO) has today had to postpone the start of its third Libor trial after Barclays, the former employer of those accused, brought new evidence to its attention. The SFO has said that the trial, which was originally scheduled to begin next week on 15 February, may now be delayed until mid-April as [...]
Barclays “to hand over Qatar documents” to Serious Fraud Office February 4, 2016 Barclays is set to hand over much-disputed internal documents relating to its dealings in Qatar to the Serious Fraud Office (SFO), Bloomberg has reported. The bank has been under investigation by the SFO since 2012 concerning two emergency cash injections received from its Middle Eastern investors in 2008 during the financial crisis. The money Barclays [...]