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 [...]
Former Barclays banker Colin Bermingham found guilty of Euribor rigging March 28, 2019 A second former Barclays banker in the Euribor rigging trial has been convicted at Southwark Crown Court. Colin Bermingham was today found guilty of manipulating the Euribor benchmark by a majority verdict of a jury of nine men and three women. His conviction follows that of Carlo Palombo, another Barclays employee who was convicted of the same offence [...]
Mining giant ENRC sues UK fraud office for £70m over long-running corruption investigation March 26, 2019 Eurasian Natural Resources Corporation (ENRC) is suing the UK's fraud agency for £70m over its conduct during a long-running probe into alleged corruption at the Kazakh miner. ENRC, which was delisted from the FTSE in 2013, has accused the Serious Fraud Office (SFO) of “arbitrary, oppressive and unconstitutional conduct” in relation to its investigation into [...]
Former Barclays banker found guilty of Euribor rigging March 26, 2019 A former Barclays banker has been found guilty of manipulating the Euribor interest rate benchmark while another was acquitted of the same offence. Carlo Palombo was today found guilty by a jury of nine men and three women at Southwark Crown Court after five days of deliberations and a two-month trial. Sisse Bohart, also a former [...]
Millions from London Capital & Finance flowed through accounts of four men, say administrators March 26, 2019 Millions of pounds of money invested in collapsed mini-bond company London Capital & Finance flowed through the accounts of four men, the administrators report said today. The report said Andy Thomson – LC&F’s chief executive, Simon Hume-Kendall – the chairman of one its biggest borrower London Oil & Gas, Elten Barker – who was a [...]
Stocks for a durable ISA portfolio in the Brexit years March 24, 2019 By Edmond Jackson from interactive investor. With the Brexit outcome still uncertain, companies analyst Edmond Jackson picks five larger cap stocks and three AIM shares for a resilient ISA. Be aware how sentiment towards equities hinges currently on whether Brexit is "resolved" by way of "Soft" business-friendly outcome, or the UK leaves the EU without [...]
Nicky Morgan calls for investigation into possible regulatory failings in collapse of lender London Capital & Finance March 19, 2019 The chair of the Treasury Committee Nicky Morgan MP has called for an investigation into whether there were regulatory failings surrounding the collapse of lender London Capital & Finance (LC&F) which went into administration in December. Morgan has written to the board of the Financial Conduct Authority (FCA) to ask it to consider whether the [...]