LONDON (Reuters) – Britain’s fraud office is working with authorities in China in a first for such Anglo-Chinese cooperation as it carries out its own investigation into alleged corruption at drugmaker GlaxoSmithKline (GSK.L: Quote, Profile, Research, Stock Buzz).
“Certainly, so far as I am aware it is the first time we have had cooperation with the Chinese on an SFO case,” David Green, the head of the Serious Fraud Office (SFO), said in an interview with Reuters on Wednesday.
LONDON (Reuters) – British prosecutors could charge the first individuals in connection with a global investigation into alleged manipulation of currency markets as soon as next year, the head of the country’s Serious Fraud Office (SFO) said on Wednesday.
David Green, who announced on Monday that the SFO would join U.S. prosecutors and regulators worldwide in investigating allegations of misconduct in the $5.3 trillion-per-day foreign exchange market, said he had “reasonable grounds” to suspect that an offense of serious or complex fraud was involved.
LONDON, July 22 (Reuters) – Britain’s financial watchdog has
upheld a 450,000 pound ($768,000) fine on former JPMorgan
banker Ian Hannam – a prominent dealmaker once dubbed
the “king of mining” – for market abuse after a protracted court
In an effort to clear his name, Hannam had fought to
overturn the Financial Conduct Authority’s (FCA) initial
findings and fine of 2012. But in May, he lost his appeal in a
landmark case that fuelled a high-level debate about how
confidential information should be treated during deals.
LONDON (Reuters) – Britain’s financial watchdog said it had prioritized the worst cases of Libor benchmark interest rate fixing, providing a signal that the largest fines for banks’ alleged role in the scandal may already have been levied.
Ten banks and brokerages have paid around $6 billion to date to settle U.S. and European regulatory allegations that they manipulated rates such as Libor (London interbank offered rate), a benchmark against which around $450 trillion of financial products from derivatives to home loans are priced worldwide.
LONDON, July 8 (Reuters) – A former JPMorgan trader
charged in the United States over his alleged role in the $6.2
billion “London Whale” trading scandal has won the right to a
legal challenge of the British regulator’s decision to drop its
investigation into him.
Lawyers said the trader, Julien Grout, might want the
investigation to continue in Britain as its findings could
affect the case against him in the United States.
LONDON, June 26 (Reuters) – The London Stock Exchange
has unveiled the largest purchase in its history,
snapping up U.S. indexes group Frank Russell for $2.7 billion to
move deeper into the world’s largest financial services market
and sending its shares surging.
Europe’s oldest independent bourse, which has fought off a
string of takeover approaches in its 213-year history, said on
Thursday it would help fund the acquisition with a $1.6 billion
rights issue of new stock.
LONDON (Reuters) – A former chief executive and regional sales director of U.S.-listed chemicals group Innospec (IOSP.O: Quote, Profile, Research, Stock Buzz) were convicted in London on Wednesday of bribing Indonesian officials to boost sales of toxic fuel additives banned in Europe and the United States.
The unanimous guilty verdicts for Dennis Kerrison, 69, and Miltiades Papachristos, 51, bring to an end a drawn-out transatlantic investigation into how Innospec supplied Indonesia with products such as Tetraethyl Lead (TEL), which is banned in cars in western countries on health and environmental grounds.
BRUSSELS/LONDON, June 10 (Reuters) – The European Commission
has told Britain’s ICAP it might have broken antitrust
rules by taking part in cartels that helped rig benchmark
interest rates, the European Union’s antitrust enforcer said on
The EU probe of ICAP is part of a global investigation into
the manipulation of Libor and Euribor, central cogs in the
financial system used to help price loans and swaps worldwide.
Authorities have already fined 10 banks and brokerages $6.0
billion and charged 16 people.
LONDON (Reuters) – Britain’s anti-fraud agency is examining information from a global investigation into the possible manipulation of currency markets, in the first sign it might follow the United States in launching a criminal investigation.
Britain is keen to be at the forefront of a global inquiry into the $5 trillion-a-day foreign exchange market, partly because about 40 percent of it is based in London. Britain’s finance industry watchdog, the Financial Conduct Authority (FCA), began its own probe into currency markets last year.
LONDON, June 4 (Reuters) – Two men who tricked hundreds of
British investors into buying inflated or worthless shares in a
70 million-pound ($120 million) “boiler-room” scam were
convicted in a London court on Wednesday.
After a three month trial, a jury found Jeffrey
Revell-Reade, a 49-year-old Australian, and 58-year-old Anthony
May guilty of conspiracy to defraud in connection with the
Madrid-based scam that duped at least 1,000 investors.