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Corporate Crime UK

  • February 15, 2019

    Ponzi Scammers Say Lavish Life Left Nothing To Confiscate

    Two men convicted of stealing nearly £80 million ($102 million) from London investors — money they spent on boats, property and cars — tried to convince a London judge Friday that none remained to be confiscated, with one defense attorney saying his client “was not reticent” in his spending.

  • February 15, 2019

    Banker's Fake Doc Didn't Cinch Feds' Forgery Extradition Bid

    A Polish banker accused of submitting a phony letter exonerating himself in order to avoid being extradited from the U.S. to face forgery charges in Poland won a month's delay from a Brooklyn federal magistrate judge on Friday, with the court asking Polish prosecutors to be a bit more clear about their evidence first.

  • February 15, 2019

    UK Trader Denied Relief For Part In $22.5M VAT Scheme

    A British currency trader convicted of conspiracy to launder money in a scheme that defrauded foreign tax authorities of £17.5 million ($22.5 million) was not entitled to relief on a confiscation order, an English appeals court said Friday.

  • February 15, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen the European arm of a Japanese investment bank sue a Saudi billionaire, the former prime minister of Qatar face action involving a pricey mansion and a Swiss bank file claims against executives of a defunct business group being investigated by the U.K.'s fraud watchdog. Here, Law360 looks at those and other new claims in the U.K.

  • February 15, 2019

    Water Tank Maker Can't Escape Cartel Fine In UK Appeal

    An English appeals court on Friday upheld the Competition and Markets Authority’s £130,000 ($167,000) fine against a steel water tank manufacturer for illegally exchanging price information, saying it could find no basis for criticizing the penalty that the CMA had imposed.

  • February 15, 2019

    Asset Manager Can't Escape Restrictions In Forex Fraud Suit

    A London judge refused on Friday to lift restrictions on a U.K. asset manager that prevent it from defending itself against allegations it defrauded a unit of a property investment group in the Czech Republic, calling its excuses for failing to meet a court order “highly unsatisfactory.”

  • February 15, 2019

    Gov't Invests In AI Project To Detect Bogus Insurance Claims

    The U.K. government said Friday it will invest £13 million ($16.6 million) into dozens of new artificial intelligence and data analytics projects that include efforts to tackle the billions of pounds' worth of insurance fraud that takes place in the country each year.

  • February 15, 2019

    German Watchdog Widens Deutsche Bank AML Investigation

    Germany’s financial regulator announced Friday it has ordered an independent investigator to subject Deutsche Bank’s role in a money laundering scandal involving Danish lender Danske Bank to closer scrutiny.

  • February 14, 2019

    UK Exec Can’t Stall £79M Ponzi Case Confiscation Hearing

    A British judge on Thursday refused to postpone closing arguments in a confiscation proceeding against two company executives who operated a Ponzi scheme that bilked London investors out of nearly £80 million ($102 million).

  • February 14, 2019

    UK's CMA Warns A No-Deal Brexit May Limit Its Workload

    The U.K.'s Competition and Markets Authority said Thursday it's ready to take on the big, global cases that will fall in its lap after the country officially quits the European Union, but cautioned that a no-deal Brexit may "heavily constrain" the CMA's ability to tackle discretionary cases.  

  • February 14, 2019

    Irish PE Firm Rescues Fraud-Hit British Cafe Chain

    British cafe chain Patisserie Valerie staved off collapse and the threat of 2,000 job losses on Thursday after agreeing to a buyout by a private equity firm in a deal that will inject £13 million ($16.6 million) into a company struggling for cash following allegations of accounting fraud. 

  • February 14, 2019

    VP Pence Criticizes EU Payments Waiver On Iran Sanctions

    U.S. Vice President Mike Pence criticized key European allies on Thursday for helping businesses to continue making payments into Iran, claiming that the regulatory carve-out could help undo Washington’s sanctions against the “murderous revolutionary regime” in Tehran.

  • February 14, 2019

    Property Bosses Ordered To Repay Stolen Business Funds

    A husband and wife property-developing team have been told to pay back £182,000 ($233,000) they skimmed off their company’s bank account after they treated the business like a “cash cow,” a government agency said Thursday.

  • February 14, 2019

    RBS Loan Fight Spotlights Treasury's Bank Bailout Strategy

    A London judge's decision to rope a defunct government agency into a lawsuit accusing the Royal Bank of Scotland of sabotaging a developer's business could shed light on the Treasury's role in dismantling troubled companies during the financial crisis, according to a copy of the judgment.

  • February 14, 2019

    Fraudster Jailed For Providing Fake Car Insurance To Crooks

    A fraudster who set up fake companies to buy fleet insurance policies covering more than 70 vehicles, some of which were used in burglaries and drug deals, has been sentenced to two years in jail, police in London have said.

  • February 13, 2019

    Feds Announce 10 Arrests In 2nd Phony Car Sales Scam

    Federal prosecutors in Manhattan said Tuesday they have arrested 10 people who created fake online listings for cars and heavy equipment, accepted payments, laundered the money through shell entities and withdrew the proceeds in cash — just like another criminal ring uncovered last summer.

  • February 13, 2019

    French Watchdog Hits Nuclear Cos. With Surprise Inspections

    France’s competition authority has carried out a series of unannounced inspections it characterized as “dawn raids” on various nuclear maintenance companies suspected of anti-competitive behavior.

  • February 13, 2019

    Ex-Barclays Trader Tells Jury Euribor Tweaks 'Even' Out

    A former Barclays trader accused of rigging a European interest rate benchmark testified Wednesday that he accommodated requests from traders for rates that would benefit their books to “even up the market” because he thought other panel banks' rate submitters were doing the same.

  • February 13, 2019

    RBC Drops Appeal In Whistleblower Retaliation Case

    Days after vowing to fight an employment tribunal ruling that a London-based currency trader had been unfairly fired for blowing the whistle, the Royal Bank of Canada reversed course Wednesday pledging to create a culture where employees feel safe to speak up.

  • February 13, 2019

    Lender Accuses Art Dealer Of Contempt On Undisclosed Docs

    A British art dealer indicted in the U.S. for securities fraud should face prison in the U.K. for failing to disclose his assets after he is said to have sold millions of pounds worth of artworks used as collateral for loans, the lender's lawyers said Wednesday.

Expert Analysis

  • Why Is The UK's Criminal Law Disclosure Process Failing?

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    A decade of funding cuts to the U.K.'s police, prosecution and defense has severely strained the criminal justice system, and the failing disclosure system is just one symptom of a deeper malaise that must be remedied by adequate investment in training and staffing, says Marlon Grossman of Stokoe Partnership Solicitors.

  • Opinion

    Corps. Resisting Tax Disclosure On Wrong Side Of History

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    A new report for the Tax Justice Network details the extent to which many U.S. multinationals have flaunted the United Kingdom’s legal requirements for tax disclosure. Alex Cobham of Tax Justice Network and Andrew Belnap of UNC discuss the dismal findings.

  • The Lawyer's Daily

    How To Requalify As A Lawyer In Canada

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    Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.

  • Legal Technology Is Likely To Flourish In The UK

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    The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.

  • Opinion

    Legal Operations Teams Are Gaining Popularity In EU

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    As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • Series

    Why I Became A Lawyer: A Refugee's Journey Of Firsts

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    Even as a child in war-torn Iran, I began to develop a sense of justice and a desire for equality and the rule of law. These instincts ultimately guided me to become a federal prosecutor, and now a partner in private practice, says Raymond Aghaian of Kilpatrick Townsend & Stockton LLP.

  • What Lawyers Can Do To Prevent And Combat Burnout

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    Lawyer burnout has been called a “romantic disorder” because it is characteristic of a work ethic admired in the legal culture. But the negative impacts of burnout are real and lawyers need to recognize the signs and solutions, says Jennifer Gibbs of Zelle LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.

  • Declaratory Judgments Do Not Always Protect NY Debtors

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    This month, the First Department of New York's Appellate Division revived Avilon v. Leontiev, establishing that a debtor cannot obtain declaratory judgment shielding itself from personal liability to a creditor's associates, and then use that judgment to preclude claims from the creditor, say A. Robert Quirk and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.