Serious Fraud Office asks for £26.5m more to fund “blockbuster” financial probes October 23, 2014 The City fraud squad yesterday asked for a 75 per cent increase in funding next year to help it pursue a range of financial probes, including its investigation into alleged Libor rigging. The Serious Fraud Office (SFO) has asked Treasury ministers for an extra £26.5m next year, on top of its annual budget of £35.2m [...]
City banker pleads guilty to Libor fraud in first rate manipulation investigation UK conviction October 7, 2014 A senior banker at a British bank has pleaded guilty to charges in relation to the rigging of the Libor interbank lending rate. The unnamed banker, who is currently on bail, pleaded guilty to one count of conspiracy to defraud as part of the Serious Fraud Office's (SFO) investigation into alleged Libor rate manipulation. A [...]
Libor accused to wait until 2016 for fraud squad’s trial to begin July 21, 2014 THE SIX bankers accused of attempting to fiddle interest rate benchmark Libor will not know their fates for at least another two years, after a court hearing yesterday. The scandal broke more than two years ago when Barclays was fined over claims its staff tried to manipulate the rate. And six of its workers have been [...]
Fraud squad launches criminal probe into the UK’s foreign exchange market July 21, 2014 The Serious Fraud Office (SFO) has opened a full-blown criminal investigation into alleged price rigging in the UK's £3tn-a-day foreign exchange (forex) market, the regulator confirmed today. The probe will look at "fraudulent conduct in the foreign exchange market", according to an SFO statement. The claims centre around allegations that traders would manipulate the flow [...]
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 [...]