Fraud squad eyes foreign exchange fiddling investigation as Libor accused head for court July 21, 2014 FOREIGN exchange traders are facing a criminal probe as the Serious Fraud Office (SFO) is set to open an investigation into the market, it emerged yesterday. Dozens of bank traders have been suspended or fired in relation to firms’ internal investigations into the market. The claims centre around allegations that traders would manipulate the flow [...]
Serious Fraud Office set to launch probe into forex trading in the UK July 20, 2014 The Serious Fraud Office (SFO) is preparing to launch a criminal investigation into manipulation of the foreign exchange market (forex) in the UK, the FT reports. The news comes following several months of intelligence gathering by the SFO, and although it would not confirm or deny the existence of the investigation, it is thought [...]
SFO to probe Sweett Group bribery claims July 14, 2014 SHARES in Sweett Group tumbled 8.4 per cent yesterday after the Serious Fraud Office (SFO) launched a probe into an alleged bribe by a former employee to secure a $100m (£58.2m) construction deal in Morocco. The 86-year-old surveyor, which oversaw the fit-out of the Shangri-La hotel in the Shard, hired lawyers last year to investigate [...]
Number of fraud office raids rises June 16, 2014 The number of Serious Fraud Office (SFO) raids on fraud suspects has trebled in a year, jumping to 26 in the last year up from the eight raids conducted in the previous 12 months. According to law firm Pinsent Masons, the increase suggests the SFO is finally bouncing back from its 2011-12 year, when all [...]
Any Other Business – 29/05 May 29, 2014 The Capitalist has been bowled over by the respondents to yesterday’s offer of free tickets to this weekend’s Foodies Festival – a clear indication of gastronomic love in the City. They came in thick and fast, inspiring us to add a few more pairs of tickets to the pot. Assuming all winners will pop along, [...]
GSK shares survive opening of fraud squad investigation May 28, 2014 INVESTORS selling Glaxosmithkline shares in the wake of a Serious Fraud Office probe wiped just 36p off each Glaxo share yesterday, as shareholders shrugged off the investigation. The company, which is the UK’s biggest pharmaceutical firm, said on Tuesday it was under investigation by the SFO over its commercial practices, thought to centre on ongoing [...]
Bottom Line: Drugs keep a smile on the market’s face May 28, 2014 WITH the Glaxosmithkline (GSK) share price falling only 1.59 per cent, the market seems pretty sanguine about the announcement of an SFO investigation. That shouldn’t be too surprising. While the SFO has the power to levy unlimited fines in the most extreme cases, with so little detail the gravity of this investigation is not yet [...]
Glaxo facing fraud squad crime probe May 27, 2014 BRITAIN’S biggest drug company Glaxosmithkline said last night that the Serious Fraud Office (SFO) has opened a formal criminal investigation into the company’s commercial practices, amid ongoing accusations of bribery overseas. Glaxo, which makes everything from Aquafresh toothpaste to Horlicks, has faced bribery allegations in China in recent months, and similar accusations of corruption in [...]
Libor trials in jeopardy over legal aid cuts May 1, 2014 BRITAIN’S anti-fraud regime could fall to pieces if more cases collapse from a lack of legal aid funding, insiders at the UK’s enforcement agencies warned yesterday. It comes after a judge at Southwark Crown Court halted a fraud case, worked on by the Prime Minister’s lawyer brother, because the five accused could not find a [...]
Former Barclays traders charged in Libor probe April 28, 2014 THREE more former Barclays traders were yesterday charged by the Serious Fraud Office over their alleged involvement in attempts to manipulate Libor. Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich are accused of conspiracy to defraud and will appear at Westminster Magistrates’ Court in the coming weeks. The staff were all based in the [...]