The trials and prosecutions encompassing the LIBOR scandal were unique not just because they uncovered widespread fraud and interest-rate rigging in the financial industry, but also because they highlighted the importance of an often overlooked type of data in investigations — audio data. It was audio data after all, that sent U.S. trader Tom Hayes, a central figure in the scandal, to prison, and that led to Deutcshe bank having to pay hundreds of millions of dollars in fines.
“The fines issued demonstrated failure to cooperate with an investigation. …You are now expected to have a suitable system in place for this process to support [audio data retention],” said Tyrone Edward, director, Fraud Investigation & Dispute Services, Ernst & Young LLP, UK in a “Insiders’ guide to audio analytics” webinar.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
