Archives: Fraud

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UK Conservative Party Pledges to Abolish Serious Fraud Office if Re-elected on 8 June 2017

In my C-Suite Risk Report posting in March, I discussed the UK’s Serious Fraud Office’s (SFO) investigation into Rolls-Royce (RR) and the UK Court’s approval of a Deferred Prosecution Agreement (DPA). As a result of that DPA, RR avoided prosecution, but paid £671m (approximately US $800m) to UK, US and Brazilian authorities in order to … Continue Reading

Investors Contend “Smoking Gun” Evidence is the Silver Bullet Against Financial Institution Defendants in Silver Rigging Case

The plaintiffs in a multidistrict silver rigging case pending in New York, In re: London Silver Fixing Ltd. Antitrust Litigation (S.D.N.Y., Case No.: 1:14-md-02573), have sought to amend their complaint based on newly acquired “smoking gun” evidence concerning an alleged conspiracy by certain financial institutions to rig the price of silver and silver related financial instruments. With … Continue Reading

Ex-Rabobank Traders Robson and Thompson Receive Lighter Sentences for Libor Scheme

Two former Rabobank traders received minimal and no prison time earlier this month for their participation in a conspiracy to fix Libor, or the London interbank offered rate, to benefit traders’ positions at Rabobank. On November 9, 2016, the former head of money market and derivatives trading for Rabobank in Northeast Asia, Paul Thompson, was … Continue Reading

The SEC’s $200 Million Fraud Case Against Patriarch’s Tilton May Be Largest Case Ever Handled by an Administrative Law Judge

Lynn Tilton, the founder of private equity firm Patriarch Partners, LLC, and so-called “Diva of Distressed,” is embattled in what is expected to be the largest and possibly the most contentious SEC in-house trial to date. The trial, which commenced on October 24, 2016 and is expected to last approximately three weeks, is taking place … Continue Reading

Crime Policy Does Not Cover Loss of Company Funds Resulting From Social Engineering Scheme

In a long-awaited decision (at least by the parties and fidelity law practitioners) the Fifth Circuit Court of Appeals has held that a “Computer Fraud” Insuring Agreement in a Crime Insurance Policy does not cover the insured’s loss after its employees were tricked into wiring approximately $7 million to a fraudulent bank account set up … Continue Reading
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