European Financial Correspondent
Kirstin's Feed
Oct 14, 2014

Weavering founder pleads not guilty in London fraud trial

LONDON (Reuters) – Magnus Peterson, the founder of the $600 million Weavering hedge fund that collapsed in the wake of the credit crisis in 2009, pleaded not guilty to 16 fraud-related charges at his London trial on Tuesday.

The Swedish-born financier, who sat with his legal team as a jury was selected and the prosecution opened its case, is accused of offences ranging from fraud by misrepresentation and forgery to fraud by abuse of position and fraudulent trading between 2003 and 2009.

Oct 10, 2014

Weavering hedge fund boss faces London trial

LONDON (Reuters) – The founder of one of London’s oldest hedge funds, whose $600 million Weavering business collapsed in the wake of the financial crisis, goes on trial next Monday accused of 16 criminal counts of fraud, false accounting and forgery.

Magnus Peterson, a Swedish-born financier, faces allegations of fraudulent trading, fraud by misrepresentation, forgery, abuse of position, false representation and one offense of obtaining a money transfer by deception between 2003 and 2009.

Oct 7, 2014

Britain secures first guilty plea in rate rigging probe

LONDON, Oct 7 (Reuters) – A senior banker at a leading
British lender has become the first person to plead guilty to UK
charges linked to a global inquiry into the alleged rigging of
benchmark Libor interest rates, a scandal that has shredded
faith in financial services.

The banker, who cannot be named for legal reasons, pleaded
guilty last Friday, providing a timely boost for Britain’s
Serious Fraud Office (SFO), whose independence has again come
into question three years after it narrowly avoided being rolled
into an FBI-style body by Home (Interior) Secretary Theresa May.

Oct 2, 2014

Wonga writes off debt for 330,000 customers

LONDON (Reuters) – UK short-term lender Wonga is writing off the debt of around 330,000 customers worth about 220 million pounds, after being forced to overhaul its lending practices by Britain’s financial regulator.

The Financial Conduct Authority (FCA) said on Thursday that Wonga had entered into a so-called voluntary requirement agreement to make the changes, which ensures immediate redress for consumers while allowing the regulator to continue investigations and possible enforcement action.

Oct 2, 2014

UK lender Wonga writes off debt for 330,000 customers

LONDON, Oct 2 (Reuters) – UK short-term lender Wonga is
writing off the outstanding debt for around 330,000 customers at
a cost of about 220 million pounds ($356 million), after being
forced to overhaul its lending practices by Britain’s financial
regulator.

The Financial Conduct Authority said on Thursday Wonga had
entered into a so-called voluntary requirement agreement to make
the changes, which ensures immediate redress for consumers while
allowing the regulator to continue investigations and possible
enforcement action.

Sep 30, 2014

Investors join forces to sue Lloyds over HBOS deal

LONDON (Reuters) – Investors are joining forces to sue Britain’s biggest retail bank Lloyds and five former executives, alleging they were misled over an ill-fated deal in 2008 they say wiped about 6 billion pounds ($10 billion) off the total value of shares.

Their claim names Lloyds’ former chairman Victor Blank, former chief executive Eric Daniels, ex-finance boss Timothy Tookey, ex-retail banking head Helen Weir and former wholesale banking boss George Truett Tate, and is the second U.S.-style class action alleging bank misdeeds during the credit crisis.

Sep 24, 2014

FCA urges EEA ‘death bond’ investors to lodge complaints

LONDON (Reuters) – Investors who bought so-called “death bonds” from a fund called EEA Life Settlements were probably misled and should consider lodging a formal complaint, a claim or pursuing legal action, Britain’s financial watchdog said on Wednesday.

Death bonds, or traded life insurance policies, are considered by the regulator as high-risk investments depending in part on the death of the original insurance holder – often wealthy former professionals living in the United States.

Sep 24, 2014

UK regulator urges EEA “death bond” investors to lodge complaints

LONDON, Sept 24 (Reuters) – Investors who bought so-called
“death bonds” from a fund called EEA Life Settlements were
probably misled and should consider lodging a formal complaint,
a claim or pursuing legal action, Britain’s financial watchdog
said on Wednesday.

Death bonds, or traded life insurance policies, are
considered by the regulator as high-risk investments depending
in part on the death of the original insurance holder – often
wealthy former professionals living in the United States.

Sep 23, 2014

Barclays takes $77 million hit from British and U.S. fines

LONDON/NEW YORK (Reuters) – British bank Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) was hit with a combined $77 million in fines from British and U.S. regulators on Tuesday as the lender continues to be dogged by problems from its past.

Barclays was fined 38 million pounds ($62 million) by Britain’s Financial Conduct Authority (FCA) for exposing customers to unnecessary risks by failing to ensure that client assets were properly safeguarded and adequate records kept.

Sep 9, 2014

Alstom unit paid $8.5 million bribes to win contracts – SFO

LONDON (Reuters) – The British subsidiary of French train and turbine maker Alstom (ALSO.PA: Quote, Profile, Research) paid around $8.5 million (£5.27 million) in bribes over a six-year period to win transport contracts in India, Poland and Tunisia, Britain’s leading fraud prosecutor alleged on Tuesday.

Alstom Network UK, which was charged with six offences of corruption and conspiracy to corrupt in July, allegedly paid bribes to win train infrastructure orders for the Delhi Metro and tram and infrastructure deals in Warsaw and Tunis between 2000 and 2006.

    • About Kirstin

      "Based in London, I cover European financial regulation, banking and legal stories. Before that, I was European Telecommunications Correspondent and have worked on assignments in countries such as Germany, Switzerland, Austria, Italy, Japan and Dublin."
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