Quindell share price falls as shareholders get £415m payout after deal with Slater & Gordon November 2, 2015 Quindell shareholders haven’t had a lot to smile about recently, but today the troubled insurance claims processor announced they would be rewarded with a £415m payout. The company, currently under investigation by the Serious Fraud Office (SFO) for its “aggressive” accounting practices, has had legal claims brought against it by a group believed to be [...]
Libor rate scandal: Trial of six brokers charged with rigging rates could go on for 14 weeks October 6, 2015 Brokers with nicknames like “Lord Libor” were “willing” and “enthusiastic” participants in the Libor manipulation scheme, prosecutors told the jury in the first day of a trial focusing on the brokers’ alleged role in the rate-rigging scandal. Former ICAP employees Darrell Read and Colin Goodman are among the brokers that stand accused of helping jailed [...]
Round 2: Trial of six brokers accused of Libor rate-rigging begins in London today October 6, 2015 Six brokers accused of Libor rigging will see their trial begin in London today and could face decades in jail as the second instalment of the Serious Fraud Office’s (SFO) war on financial misconduct gets underway. The six brokers – who have worked at ICAP, RP Martin and Tullett Prebon – are charged with [...]
The Bank of England is being probed by the Serious Fraud Office over liquidity auctions during the financial crisis September 29, 2015 The Bank of England (BoE) is being probed by UK investigators over whether the central bank's emergency auctions held during the onset of the global financial crisis were rigged. The Serious Fraud Office (SFO) is looking into whether banks and building societies were told to offer roughly the same amount of collateral, meaning no lender would [...]
Quindell share price falls after distressed companies investor Hedge fund Beach Point Capital Management beefs ups stake September 14, 2015 A US-based hedge fund has beefed up its stake in insurance group Quindell, which is being investigated by the Serious Fraud Office (SFO). Beach Point Capital Management now has a five per cent stake in Quindell, after buying more than 420,000 shares in the company on 10 September. Beach Point, whose clients include large public and corporate pension [...]
Former Tesco chief executive Philip Clarke to be quizzed by Serious Fraud Office August 28, 2015 Former Tesco boss Philip Clarke is set to be grilled by the Serious Fraud Office (SFO) as part of an investigation into the supermarket chain’s multi-million pound accounting black hole. The UK prosecutors have also called in ex-commercial director Kevin Grace for questioning, according to people with knowledge of the matter cited by Bloomberg. Read [...]
SFO set to quiz Clarke on Tesco August 27, 2015 FORMER Tesco boss Philip Clarke is set to be grilled by the Serious Fraud Office (SFO) as part of an investigation into the supermarket chain’s multi-million-pound accounting black hole. The UK prosecutors have also called in ex-commercial director Kevin Grace for questioning, according to Bloomberg News. The SFO and Tesco declined to comment. After Clarke [...]
Libor rate-fixing scandal: Serious Fraud Office grills Deutsche Bank traders August 27, 2015 Deutsche Bank traders have been interviewed by the Serious Fraud Office (SFO) in recent weeks in relation to the Libor scandal. A number of traders, both current and past, have been questioned by UK prosecutors about the manipulation of Libor – the rate at which banks lend to each other, according to Bloomberg. The SFO [...]
Oil firm Soma commissions report into UN group after accusations spark probe August 23, 2015 SOMALIA-based oil and gas exploration firm Soma, which is under investigation by the Serious Fraud Office (SFO), has commissioned a report into the United Nations monitoring group which sparked the probe. Following a leaked UN report into allegations of corrupt payments in Somalia, the firm, chaired by former Conservative leader Michael Howard, was placed under [...]
FCA drops investigation into Quindell in light of Serious Fraud Office probe August 18, 2015 The Financial Conduct Authority (FCA) has dropped its investigation into troubled insurance outsourcer Quindell with immediate effect, making way for the criminal investigation being carried out by the Serious Fraud Office (SFO). "Quindell announces that it has been informed by the FCA that, in light of the investigation by the SFO into past business and accounting [...]