The Financial Conduct Authority (FCA) is concerned about the due diligence advisers perform on investment product providers and will continue to monitor the area, technical specialist for the regulator Rory Percival has said. Speaking at the Defaqto investment outsourcing conference on Tuesday, Percival said advisers should think about what best practice should look like and […]

In a case brought by the Financial Services Authority (FSA), Thomas Ammann, an investment banker and former FSA Approved Person, has today been sentenced at Southwark Crown Court to 2 years and 8 months imprisonment for two counts of insider dealing and two counts of encouraging insider dealing. But for an early guilty plea the […]

Former Attorney Pleads Guilty to $7 Million Ponzi Scheme 14 Nov 2012 Billy Frank Davis, aka Bill F. Davis, a former attorney residing in Houston, has pleaded guilty to one count of wire fraud in connection with his investment fraud scheme that victimized more than 20 investors of approximately $7.8 million, United States Attorney Ken […]

JERSEY, HSBC & HMRC Investigation – HSBC investigation: Drug dealers, gun runners and Britain’s biggest bank – Britain’s biggest bank is at the centre of a major HM Revenue and Customs investigation after it opened offshore accounts in Jersey for serious criminals living in this country, The Telegraph can disclose. The disclosures raise serious questions […]

HSBC sets aside $800m to cover money laundering penalties – HSBC says investigations by US regulators will likely involve criminal charges. In its interim management statement for the third quarter of 2012, HSBC has revealed it has set aside an $800m (£500m) provision in relation to US anti-money laundering, Bank Secrecy Act and Office of […]

What is an arrangement – From time to time the appeal courts quash convictions where prosecutors have gone rather over the top in stretching the statutory language of an offence to cover situations the offence was not intended to cover. The law in relation to money laundering is widely drawn and (at least to non-lawyers!) […]

Second Vantis director jailed for four years 26 Oct 2012 Roy Faichney, a former adviser at Vantis Tax, has been jailed for four years and disqualified from acting as a director for 10 years for his part in a £70m tax fraud.As managing director of Vantis, Faichney had a “gentleman’s agreement” with his deputy, David […]

Denmark: Suspected fund raisers arrested 03 Oct 2012 Authorities in Copenhagen, Denmark have arrested eight people across Zealand who are suspected of financing the Kurdistan Workers’ Party (PKK), which the US, EU and Canada have designated as a terrorist organization. These arrests follow the investigations into a Copenhagen-based Kurdish TV station which was fined 2.6 […]