US eyes HSBC offshore accounts July 7, 2010 The US government has launched a criminal investigation into whether HSBC’s clients are dodging tax by putting their funds in undeclared deposit accounts in Singapore and India, following the successful prosecution of UBS in Switzerland last year. On 21 June, Kevin Downing, a senior litigator at the US Justice Department, wrote to HSBC clients informing [...]
New watchdog won’t scare City June 23, 2010 IT is only just over a year since Hector Sants, head of the Financial Services (FSA), told the City in no uncertain terms that he wanted business to be “very frightened” of his organisation. Central to that warning ran the theme of “credible deterrence” through increased criminal prosecution, particularly in relation to insider dealing. Despite [...]
Vantage hit by £700k fine in FSA probe June 21, 2010 THE Financial Services Authority (FSA) has hit Vantage Capital Markets with a £700,000 fine for allowing a senior figure to operate without the regulator’s approval. Daniel Hassell worked for interdealer broker Vantage for more than four years and had “significant influence” on the company, the FSA found. Vantage was formed as a limited liability partnership [...]
CITY MOVES | WHO’S SWITCHING JOBS June 15, 2010 City Index The spread betting firm has appointed Sandy Jadeja as its new chief technical analyst. Jadeja has 23 years of experience in technical analysis, trading psychology and global financial markets commentary. Prior to joining City Index, he was the chief market strategist at FX-focused trading platform provider Capital Market Services. He has also worked [...]
Time is fast running out for ailing BP June 14, 2010 BP will be destroyed by US litigation – that, at least, was the shocking message forcibly conveyed to me by several senior US business executives at a high-powered dinner party last night. Guests were starkly divided by nationality: the Brits (correctly, in my view) highlighted the point that several US firms are deeply involved in [...]
Goldman set to fight more legal actions May 10, 2010 GOLDMAN Sachs yesterday warned that it is preparing to be swamped with a deluge of further legal actions connected with its role selling complex mortgage-backed financial products, in the wake of the Securities and Exchange Commission’s (SEC) fraud charges against it. Goldman said in a quarterly regulatory filing that it is preparing to fight more [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 4, 2010 FINANCIAL TIMES PAULSON ASSURES INVESTORS OVER GOLDMAN FALLOUT John Paulson, whose hedge fund profited from the transaction at the heart of the civil fraud charges filed in the US against Goldman Sachs, has pledged to his investors that he will bear the costs of any litigation brought against his company in the matter. Mr Paulson’s [...]
CITY MOVES | WHO’S SWITCHING JOBS May 4, 2010 Principal Global Investors The asset management firm has appointed Seema Shah as a strategist and economist in its London-based global fixed income team. Shah was previously an economist at Capital Economics, focusing on macroeconomic analysis of the UK and European economies. Prior to that, she was an economist within the macro consulting group at accountancy [...]
Charles Schwab’s legal settlement almost wipes out first quarter profit April 20, 2010 US Brokerage Charles Schwab yesterday agreed to pay $200m to settle a federal class-action lawsuit related to a money-losing bond mutual fund, erasing nearly all of its first quarter profit. Schwab in March 2008 became the target of litigation and regulatory probes focused on its YieldPlus Fund, a short-duration bond fund that plunged in value [...]
CITY MOVES | WHO’S SWITCHING JOBS April 15, 2010 Deloitte The accountancy firm has appointed Mark Lillie and Jeremy Harris as partners in its energy, infrastructure and utility practice. Lillie, pictured, will head up the IT strategy team and joins from Booz and Company, where he was partner and vice president. Harris joins the programme leadership consulting practice, focusing on construction and infrastructure projects, [...]