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Corporate Crime UK

  • December 19, 2018

    Santander Fined £33M For Failing To Pass On Inheritances

    Santander UK PLC has been slapped with a £32.8 million ($41.5 million) fine for failing to pass the money of customers who have died to their families, the Financial Conduct Authority said on Wednesday.

  • December 18, 2018

    Engineer Banned from Travel In £40M Kickback Case

    A London judge has ordered a procurement engineer currently serving prison time to stay in the U.K. until he pays off debts related to a kickbacks scheme in which he traded confidential information on £40 million ($50.7 million) worth of energy and infrastructure projects. 

  • December 18, 2018

    German Auto Co. Agrees To $35M Fine In VW Emissions Case

    A German automotive engineering company entered into a plea agreement Tuesday to pay $35 million for its alleged role in a long-running scheme by Volkswagen AG to sell diesel vehicles in the United States that use a "defeat device" to cheat on vehicle emissions tests required by federal law.

  • December 18, 2018

    NY Fines Barclays $15M Over CEO's Whistleblower Hunt

    New York’s top banking regulator has hit Barclays with a $15 million fine as part of a settlement announced Tuesday resolving claims stemming from the agency’s investigation into a push by the bank’s CEO to smoke out the source of two 2016 whistleblower letters that raised concerns about a recently hired executive.

  • December 18, 2018

    MP Says Lloyds Bank Must Explain Role In HBOS Fraud

    A Conservative Party lawmaker has called on Parliament to investigate how executives at Lloyds Banking Group PLC established a compensation scheme for victims of a massive fraud at HBOS PLC, claiming the scheme is a scam to prevent small businesses from being paid out. 

  • December 18, 2018

    Trust Denies Owing £1M Over Failed Caribbean Resort

    A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.

  • December 18, 2018

    FCA Clamps Down On Exorbitant Bank Overdraft Fees

    U.K. banks could be banned from charging higher fees to customers with unarranged overdrafts, the Financial Conduct Authority said Tuesday, in what the regulator called the biggest market shake-up “for a generation.”

  • December 18, 2018

    Big Four Face Major Audit Shake-Up In Watchdog's Reforms

    The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

  • December 17, 2018

    Ex-SocGen Exec In Libor-Rigging Row Disputes Fugitive Label

    Attorneys for a former Société Générale SA executive accused of falsifying the Paris bank's submissions to the London Interbank Offered Rate argued Monday that living in France doesn't make their client a fugitive and urged a New York judge to consider the case's constitutionality.

  • December 17, 2018

    Bank Exec Seeks Time Served After FATCA Conviction

    The former CEO of the offshore Loyal Bank Ltd. asked a Brooklyn federal judge on Monday to let him avoid prison after he admitted helping a purported fraudster hide income from United States authorities in the first conviction under the Foreign Account Tax Compliance Act of 2010.

  • December 17, 2018

    Elder Gaffey CPA Denies Panama Papers Fraud, Tax Charges

    An Elder Gaffey & Paine PC accountant charged with tax evasion, fraud and money laundering in connection with the leak of documents from the Mossack Fonseca law firm referred to as the Panama Papers pled not guilty in Manhattan federal court on Monday.

  • December 17, 2018

    May Schedules New Vote On Brexit Deal For January

    U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

  • December 17, 2018

    UBS Fined $15M For Weak Money Laundering Detection

    Three U.S. regulatory bodies hit two American units of Swiss banking giant UBS Group AG with $15 million in fines Monday for not investing in resources necessary to combat money laundering since at least 2004, the agencies said in coordinated announcements.

  • December 17, 2018

    Liquor Cos. Can't Quash Docs In £440M Tax Evasion Probe

    A British judge on Monday said documents seized from several U.K. liquor traders may be reviewed by HM Revenue and Customs authorities investigating a broad £440 million ($554 million) scheme to evade alcohol taxes, finding no indication that agents intended to exceed court-issued search warrants.

  • December 17, 2018

    EU Plans To Continue Swiss Trading Under MiFID II

    The European Commission detailed plans on Monday to continue to allow EU investors to trade in shares listed in Switzerland under MiFID II until June 2019, while the country is embroiled in negotiations that will allow it future legal access to the bloc’s market.

  • December 17, 2018

    'Crash For Cash' Duo Sentenced For Bogus Insurance Claims

    Two insurance fraudsters have been handed suspended jail sentences at a London court after they caused a car crash in an attempt to claim thousands of pounds in bogus claims, City of London Police have said.

  • December 17, 2018

    FCA Sets Out New Rules For Claims Management Cos.

    Claims management companies will have to meet tough new rules to obtain authorization by the Financial Conduct Authority from April 2019, which they will require if they are to operate within the law, the City regulator said Monday.

  • December 17, 2018

    Ex-Retail Boss Fined £50K For Pension Data Failings

    A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.

  • December 14, 2018

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

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    Delay In Charges Won't Halt Croatian's UK Extradition

    A British judge on Friday refused to stop the extradition of a Croatian man accused of embezzling money from a former employer more than a decade ago, saying that despite the delay in prosecuting the claim there is no evidence that the passage of time has eroded his memory or ability to call witnesses to his defense.