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UK: FSA Strikes Again With Third Insider Trading Conviction
London jury finds former Cazenove partner guilty.
UK: FSA Rolling Out Income-Based Fines
Rules set minimum fine of 100,000 pounds for individuals involved in insider trading.
UK: FSA Issues Record Amount of Fines in 2009, Expects Much More in 2010
FSA fines financial industry 34.8 million pounds ($57 million) in 2009.
UK: FSA Seeks to Become ‘Heavyweight Criminal Prosecutor’
FSA’s Cole discusses regulator’s goals in speech to British Bankers Association.
UK: FSA Quadruples Team Investigating Ponzi Schemes
In the UK, the Financial Services Authority stated that it has more than quadrupled the size of the investigation team looking at Ponzi schemes. The team has gone from fewer than ten people to more than 40 lawyers, forensic accountants and prosecutors after a large increase in the number of cases.
According to [...]
UK: FSA’s Latest Swoop Leads to Arrest of Six for Insider Trading
The UK’s resurgent FSA struck again today, as five men and a woman were arrested on suspicion of insider trading after raids in London and Essex, England.
“It’s clear that the FSA is stepping up its criminal investigation arm,” said Gerallt Owen, a regulatory lawyer at Crowell & Moring LLP in London who advised a defendant [...]
“TUI”: Trading Under the Influence
In the UK, the resurgent FSA brought another headline-grabbing case yesterday against David Redmond, a freight and oil trader in Morgan Stanley’s Commodities Division in London. The FSA’s report states that on February 6, 2008, “Mr Redmond took an extended lunch break between 13.14 and 16.41 and it appears that this affected his behaviour on [...]
UK: FSA Sends Entire Department Home, in Quarantine, After Possible Swine Flu Exposure
As revealed by a recent GAO report, the SEC has had its share of challenges as it attempts to bolster enforcement of the securities markets: inadequate IT resources, no knowledge management system in place, little support staff, confounding reporting structures, bureaucratic internal review processes, and so on.
But, hey, look on the bright side! At least [...]
UK: FSA Tells “Complacent” Banks to Step Up Measures Against Insider Trading
In the UK today, a representative of the Financial Services Authority told an audience of several hundred compliance officers, law enforcement officers and government officials at the FSA’s annual financial crime conference that institutions involved in takeovers had grown “complacent” with respect to insider trading.
The Guardian reports that Ruth Gevers, manager of FSA’s market conduct [...]
Combined Total of FSA Fines Since 2001 About to Crack £100 Million
The total amount of fines administered by the UK’s Financial Services Authority (FSA) since its creation in 2001 is about to hit the £100 million milestone, OpRisk & Compliance reports. So far in 2008, FSA has imposed £20.5 million in fines, £8.1 million of which were jointly levied against Santander-owned UK bank Alliance & Leicester [...]