European Financial Correspondent
Kirstin's Feed
Mar 28, 2014

Britain charges former ICAP brokers over Libor rigging

LONDON, Mar 28 (Reuters) – British fraud prosecutors began
criminal proceedings against three former brokers from ICAP
, the world’s top interdealer broker, as the UK side of a
global investigation into alleged rigging of crucial benchmark
interest rates cranked up.

The Serious Fraud Office (SFO) said on Friday it was
charging former ICAP derivatives broker Darrell Paul Read, his
supervisor Daniel Martin Wilkinson and Colin John Goodman, a
cash broker in ICAP’s London office, in connection with the
manipulation of the London Interbank Offered Rate or Libor.

Mar 27, 2014

UK regulator issues warning notice to seventh Libor trader

LONDON, March 27 (Reuters) – Britain’s financial regulator
has issued a warning notice to another two traders for
“significant failings” over a period of around two years, as
part of an investigation into manipulation of benchmark interest
rates.

The Financial Conduct Authority (FCA), which has already
sent warning notices to five other traders, did not name the
latest two. But it said one was a manager and trader at a bank,
who was personally aware of and condoned other traders making
requests to manipulate benchmark rate submissions.

Mar 4, 2014

UK prosecutor says has “vast amounts” of documents in Libor case

LONDON, March 4 (Reuters) – British fraud prosecutors have
sifted through “vast amounts” of documents in their case against
three former Barclays traders alleged to have rigged
crucial Libor benchmark interest rates over a two year period, a
London court heard on Tuesday.

James Hines, a senior lawyer for Britain’s Serious Fraud
Office (SFO), told a short hearing at Southwark Crown Court that
much of the evidence against Peter Johnson, 59, Jonathan Mathew,
33, and Stylianos Contogoulas, 42, was in email form.

Feb 26, 2014

Three former Barclays traders in UK court on Libor rigging charges

LONDON, Feb 26 (Reuters) – Three former Barclays
traders appeared in a London court on Wednesday charged with
running a two-year scheme to manipulate Libor benchmark interest
rates.

The men, who spoke only to confirm personal details such as
addresses, bring to six the number facing criminal charges in
Britain over allegations that they rigged the London Interbank
Offered Rate, against which about $450 trillion of financial
products are pegged, from student loans to complex derivatives.

Feb 20, 2014

Grant Thornton loses disclosure battle in Tchenguiz UK lawsuit

LONDON, Feb 20 (Reuters) – Grant Thornton, the UK auditor
named in a legal battle between Vincent and Robert Tchenguiz and
the Serious Fraud Office (SFO), on Thursday lost an appeal
against a court order forcing it to hand over sensitive
documents to the property moguls.

Grant Thornton was dragged into the spotlight in 2011 by the
Tchenguiz brothers, who have brought a 300 million pound ($500
million) damages claim against the SFO over a botched
investigation into the circumstances surrounding the collapse of
Icelandic bank Kaupthing in 2008.

Feb 6, 2014

Former head of SFO accused of running chaotic agency

LONDON (Reuters) – Richard Alderman, the former head of Britain’s leading fraud prosecution authority, oversaw a chaotic agency that was unable to keep records and documents in order, a London court heard on Thursday.

Alderman gave evidence at Southwark Court in a hearing to consider whether there had been an abuse of process by the Serious Fraud Office (SFO) when it issued fraud charges against the founder of Weavering Capital, a $600 million hedge fund that collapsed in the wake of the credit crisis in 2009.

Feb 6, 2014

Former head of Britain’s SFO accused of running chaotic agency

LONDON (Reuters) – Richard Alderman, the former head of Britain’s leading fraud prosecution authority, oversaw a chaotic agency that was unable to keep records and documents in order, a London court heard on Thursday.

Alderman gave evidence at Southwark Court in a hearing to consider whether there had been an abuse of process by the Serious Fraud Office (SFO) when it issued fraud charges against the founder of Weavering Capital, a $600 million hedge fund that collapsed in the wake of the credit crisis in 2009.

Jan 30, 2014

UK fraud prosecutor seeks extra 19 million pounds for Libor, other cases

LONDON (Reuters) – Britain’s leading fraud prosecutor needs an extra 19 million pounds ($31.45 million) by the end of March to help to pay for complex investigations, including a high-profile benchmark fixing inquiry, and a huge damages suit.

The SFO said on Thursday the extra funding was needed in part for its inquiry into Libor (London interbank offered rate) benchmark fixing, a probe into Barclays’ (BARC.L: Quote, Profile, Research) fundraising from Qatar, a Rolls Royce (RR.L: Quote, Profile, Research) investigation and to meet costs linked to a 300 million pound damages suit launched by the property moguls the Tchenguiz brothers.

Jan 30, 2014

UK fraud prosecutor seeks extra 19 mln stg for Libor, other cases

LONDON, Jan 30 (Reuters) – Britain’s leading fraud
prosecutor needs an extra 19 million pounds ($31.45 million) by
the end of March to help to pay for complex investigations,
including a high-profile benchmark fixing inquiry, and a huge
damages suit.

The SFO said on Thursday the extra funding was needed in
part for its inquiry into Libor (London interbank offered rate)
benchmark fixing, a probe into Barclays’ fundraising
from Qatar, a Rolls Royce investigation and to meet costs
linked to a 300 million pound damages suit launched by the
property moguls the Tchenguiz brothers.

Jan 29, 2014

Ex-Moore Capital man is ninth charged in top UK market abuse case

LONDON, Jan 29 (Reuters) – Julian Rifat, a former equity
trader at U.S. hedge fund Moore Capital, was charged on
Wednesday in connection with Operation Tabernula, Britain’s
largest insider dealing investigation, becoming the ninth man
charged in connection with the inquiry.

Almost four years after his arrest, 44-year-old Rifat sat in
the dock in a London magistrates’ court on Wednesday accused of
eight counts of passing confidential, price-sensitive
information to an accomplice to his “significant advantage”.

    • 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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