SFO Case Against Three Former Barclays Executives Fails

Former Barclays executives cleared of fraud charges https://t.co/A60CPjSj7f

— BBC News (UK) (@BBCNews) February 28, 2020

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Forex Criminal Investigation

The SFO has launched a criminal investigation into whether a number of traders at top banks colluded to artificially fix rates in the £3 trillion-a-day foreign exchange markets.

London is where around 40% of foreign exchange trading takes place and traders are alleged to have colluded via online chatrooms with names such as the “Bandits’ Club” and the “Dream Team”.

The Telegraph reports that so far more than 25 traders working at a number of the world’s biggest banks have been fired or suspended while regulators around the world continue their investigations.

The forex scandal is likely to be as damaging to the "reputations" of banks as the Libor scandal.

The lesson to learn from this, and all the other scandals, is that all markets are rigged in favour of the "house".

SFO To Investigate LIBORGATE

The Serious Fraud Office (SFO) has announced that it will hold an investigation into LIBOR rate fixing.

It will not say which companies and individuals it is investigating:

"The SFO Director David Green QC has today decided formally to accept the LIBOR matter for investigation."

An SFO spokesperson has confirmed to the BBC that a dedicated case team had now started work.

The Serious Fraud Office is a government department responsible for investigating and prosecuting serious and complex fraud. The SFO is headed by the Director (David Green QC) who exercises powers under the superintendence of the Attorney General. These powers are derived from the Criminal Justice Act (1987).