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International Edition

FSA charges four in high-stakes insider dealing probe

The Financial Services Authority (FSA) has charged four men with conspiracy to commit insider dealing in what the agency claims is its largest and most complex insider trading investigation to date. Martyn Dodgson, a former senior corporate broker at Deutsche Bank; Andrew Hind, a director of Deskspace Offices; private stock broker Benjamin Anderson; and businessman and investor Iraj Parvizi have been bailed to attend Westminster Magistrates' Court on 19 October. The allegations relate to activities between 2006 and 2010.
3 minute read

International Edition

Macfarlanes leads as mining giant Bumi launches internal investigation

Macfarlanes has been drafted in to advise mining giant Bumi on an investigation into alleged financial irregularities in its Indonesian operations. The City firm is understood to have been instructed by the company yesterday (24 September), when Bumi announced the internal investigation into its Indonesian subsidiary PT Bumi Resources, in which it has a 29% stake.
3 minute read

International Edition

Crony capitalism in the firing line as judges take tougher anti-corruption stance in Korea

Lionel Mok asks whether public opinion is prompting judges to take a stricter approach to Korean bosses
4 minute read

International Edition

HMRC taskforce to target tax evasion by London lawyers

HM Revenue & Customs (HMRC) has launched a taskforce to target tax evasion by London lawyers, as part of wider efforts to recover almost £20m for the public purse, reports Accountancy Age. The legal profession in London has been selected as one of five high-risk industries targeted, including groceries and retail in north and south Wales; hair and beauty in the northeast; restaurants in the southeast and Solent; and the motor industry in Scotland.Roughly £3m is expected to come from the legal industry.
3 minute read

International Edition

New SFO director revamps agency to secure post-Tchenguiz survival

Even by the standards of an organisation as regularly publicly lambasted as the Serious Fraud Office (SFO), the damning High Court verdict of its investigation into property tycoons Robert and Vincent Tchenguiz was humiliating.
6 minute read

International Edition

Kirkland bolsters London white collar team with SFO's bribery head

Kirkland & Ellis' City arm has secured a high-profile boost for its European practice after recruiting the Serious Fraud Office's (SFO's) head of bribery and corruption, Satnam Tumani. Tumani will join Kirkland as a partner in the US giant's white collar crime practice at the end of the month in what will be regarded as a key hire for the firm.
4 minute read

International Edition

Ex-Mayer Brown chief information officer charged with fraud

Mayer Brown's former chief information officer David Tresch has been arrested and charged with defrauding the firm of at least $850,000 (£537,000) through a series of invoices for work supposedly performed by an unidentified vendor, reports The Am Law Daily. The US attorney's office in Chicago charged Tresch, who served as Mayer Brown's CIO until June, with one count of mail fraud, according to a statement detailing the charges against him. Tresch is accused of approving payments to the vendor and pocketing "hundreds of thousands of dollars" in illicit proceeds.
3 minute read

International Edition

Slaughters, Sullivan guide Standard Chartered to £217m US settlement

Slaughter and May corporate partner Nigel Boardman and dispute resolution partner Richard Swallow helped Standard Chartered yesterday (14 August) reach a $340m (£217m) settlement with the New York State Department of Financial Services (DFS) over allegations that it breached US sanctions and hid transactions with Iran. The magic circle firm provided UK advice to the bank, alongside Wall Street leader Sullivan & Cromwell, where corporate and financing partner Rodgin Cohen and dispute resolution partner Samuel Seymour provided US advice. Both firms were instructed after the alleged illegal activity took place.
3 minute read

International Edition

Slaughters, Sullivan advise Standard Chartered on latest banking scandal

Slaughter and May has secured a mandate advising Standard Chartered in relation to claims by the New York State Department of Financial Services (DFS) that the bank was involved in a $250bn (£160bn) money laundering scheme with the Iranian government. The magic circle firm is advising over allegations published by the DFS yesterday (6 August), which claim the bank violated US sanctions for almost 10 years, alleging it "schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250bn (£160bn)."
2 minute read

International Edition

SFO confirms criminal powers to tackle Libor manipulation offences

Bankers involved in the Libor-rigging scandal could face jail terms after the Serious Fraud Office (SFO) confirmed that existing legislation will suffice to bring criminal actions against banks and individuals. In a statement, the SFO said: "The Director of the Serious Fraud Office, David Green QC, is satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates. The investigation, announced on 6 July, involves a number of financial institutions."
3 minute read

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