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| White-Collar Crime |
5 October 2010:
French rogue trader Jerome Kerviel sentenced to 3 years in prison
The former Société
Générale trader has been found guilty of forgery, unauthorised computer
use and breach of trust. He will spend 3 years in prison and repay the
damages of 4.9bn euros ($7bn; £4bn) which the bank said it lost through
his risky trades. For more information,
click here.
2 July 2010:
Former South African top policeman convicted for bribery
Jackie Selebi, South Africa's former police chief, has been
found guilty of corruption in a landmark case. was accused of links to
organised crime and taking 1.2m rand (£103,000) in bribes to turn a
blind eye to drug trafficking. Selebi faces at least 15 years in prison,
but will remain free on bail until sentencing on 14 July. For further
information,
click here.
25 June 2010: Kerviel trial draws to a close
Jerome Kerviel will have to wait until the autumn to find out
if he will be sent to prison for four years or ordered to pay back the
£4bn that Société
Générale claims to have lost through his unauthorised trades.
24 June 2010: Supreme Court limits the use of a federal fraud law
The US Supreme Court significantly narrowed the scope of a law often
used by federal prosecutors in corruption cases and called into question
the fraud convictions of
Jeffrey K. Skilling, a former chief executive of
Enron, and
Conrad M. Black, a newspaper executive convicted of defrauding his
media company. To find out more,
click here.
8 June 2010:
Trial against Jerome Kerviel starts at the Palais de Justice, in Paris
The 33-year old former trader faces charges of breach of trust,
computer hacking, and falsification of records leading to Société
Générale losing £4 billion. Kerviel admits he took excessive risks, but
insists his bosses knew what he was doing and encouraged him while he
was winning. The trial is expected to last three weeks. For further
information,
click here. Kerviel has just published his own account of
what happened, in a book called The Spiral: Memoirs of a Trader.
This, as well as his experience, bears an eerie
resemblance to that of
Nick Leeson,
who was also engaged in high-risk arbitrage before causing the collapse
of Barings Bank in 1995. La plus ca change, la plus ca reste le meme
chose... For more details about Kerviel's Memoirs, see today's
Evening Standard.
1 April 2010:
Bank staff charged for alleged insider-dealing
Seven men were charged by the Financial Services Authority in
its first prosecution of an alleged insider dealing ring. The FSA named
them as Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh
Patel, Mitesh Shah and Ali Mustafa. The 13 charges brought against the
men relate to illegal trading in shares of 12 companies between 2006 and
2008. One of the seven, Mitesh Shah, was also charged with money
laundering. To read the full story,
click here.
29 March 2010:
Rio Tinto employees sentenced in bribery case in China
Four employees of the British-Australian mining giant Rio
Tinto, including an Australian citizen, were convicted by a
Chinese court on Monday and sentenced to seven to 14 years in prison for
accepting millions of dollars in bribes and
stealing commercial secrets. To read the full story,
click here.
24 March 2010:
SFO investigates Alstom directors
Three company directors are being investigated by the Serious
Fraud Office for bribes-for-contracts. To read the full story,
click here.
24 March 2010: New arrest in connection with the FSA's operation against
insider dealing
A seventh man has been arrested under suspicion of insider
dealing, in an operation involving three financial institutions: hedge
fund Moore Capital, leading German bank Deutsche Bank and Exane BNP,
partly owned by French bank BNP Paribas. Those
arrested have yet to be named. To read the full story,
click here.
5 February 2010:
Four MPs charged with false accounting for their expenses claims
The Director of Public Prosecutions has decided to prosecute three
MPs and one peer for false accounting. Elliot Morley, Jim Devine, David
Chaytor and Lord Hanningfield will face charges under the Theft Act 1968 section 17, over allegedly improper
expense claims.
For more details, click here.
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