A former partner at JPMorgan offshoot Cazenove is accused of receiving cash at race courses in the UK in exchange for insider information. The Financial Services Authority (FSA) has launched legal proceedings against Malcolm Cavert, a 65 year-ancient stockbroker, who stands accused of 12 counts of insider trading, alleged to have taken place between April 2003 and March 2005.He is reported to have received profits from deals in the form of cash handed over in envelopes at race courses across the UK.
Posts Tagged ‘Financial Services Authority’
Ex-Cazenove broker accused of insider trading
February 21st, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Bank Information, Bertie, Business Partner, Cazenove, Different Companies, Envelopes, Financial Services Authority, Fsa, Insider Information, Insider Trading, Investment Bank, Legal Proceedings, Offshoot, Profits, Race Courses, Shares, Stockbroker, Trading Partner, Two Thirds, Unknown Source 
Comments OffCreditors seek info about Barclays’ takeover of Lehman business
November 25th, 2009 Before You Invest The committee of Lehman Brothers’ unsecured creditors requested that information be handed over from the U.K. Financial Services Authority and PricewaterhouseCoopers regarding Barclays and its acquisition of Lehman’s brokerage business in North America. Lehman’s creditors claim the deal resulted in a $5 billion discount for Barclays.
Posted in Finance Fraud Tags: Acquisition, Amp, Apps, Assets, Barclays, Barclays Takeover, Brokerage America, Brokerage Business, Financial Services Authority, Global Financial System, Last September, Lehman Brothers, Maximum Stress, North America, Pid, Pricewaterhousecoopers, Sid, Unsecured Creditors No Comments »UK regulators will be able to rip up bankers’ contracts
November 17th, 2009 Before You Invest The UK government is set to bring in legislation that will allow the Financial Services Authority to rip up the contracts of bankers deemed to be enjoying excessive pay packets as a reward for risk-taking.Although the new Financial Services Bill will not apply to current banking contracts and therefore will not affect 2009 bonuses, it is set to come into place from January next year.The measures are to be outlined on Wednesday in the Queen’s Speech.In comments reported by the Guardian, City spokesman Lord Myners told Sky News: “What we are saying to the shareholders and boards of directors is: get real, recognize that the previous levels of bonuses are socially unacceptable.” Other proposals that will be place forward by Gordon Brown’s government include one that will allow British customers to take part in US-style class action suits against financial institutions they feel have treated them terribly.Last week, Mr Brown sent officials to meet with the IMF to lobby for the implementation of a Tobin tax – a levy on transactions carried out between financial institutions.
Posted in Finance Fraud Tags: Boards Of Directors, British Customers, City Spokesman, Class Action Suits, Contracts, Financial Institutions, Financial Services Authority, Financial Services Bill, Gordon Brown, Imf, Levy, Mr Brown, Myners, Proposals, Shareholders, Sky News, Style Class, Tobin Tax, Uk Government, Uk Regulators No Comments »FSA releases guidance on bankers’ bonuses
August 13th, 2009 Before You Invest The U.K. Financial Services Authority published updated rules regarding bankers’ bonuses. The rules, which include a ban on guaranteed bonuses of more than a year, apply to a couple of dozen of the largest banks. The City watchdog said penalties for violations include higher capital charges and possible enforcement action. more athttp://www.nytimes.com/reuters/2009/08/12/business/business-uk-britain-banks-fsa.html
Posted in Finance Fraud Tags: Business Business, Business Uk, Capital Charges, Financial Services Authority, Fsa, Guidance, Nytimes, Reuters, Uk Banks, Uk Britain, Watchdog No Comments »HSBC fined over data losses
July 23rd, 2009 Before You Invest HSBC has been hit with fines totaling over $4.9 billion after failing to implement adequate customer data protection systems.The Financial Services Authority (FSA) has penalized three companies operating under the HSBC name – HSBC Life UK, HSBC Actuaries and Consultants and HSBC Insurance Brokers – after their failings resulted in customer information being lost in the post on two occasions.Data relating to pension scheme members was mislaid in July 2007 and in February 2008 details of around 180,000 policy holders were lost when an unencrypted CD went missing.Director of enforcement at the FSA Margaret Cole described the security breaches as “very disappointing”.”All three firms failed their customers by being careless with personal details which could have finished up in the hands of criminals,” she remarked, adding that it was “worrying” that the companies were not more alert to the dangers of fraud.KPMG recently released a report showing that instances of fraud reached a record high for a six-month period during the first half of 2009.
Posted in Finance Fraud Tags: Actuaries, Criminals, Customer Data, Customer Information, Financial Services Authority, Fraud, Fsa, Hsbc Actuaries And Consultants, Hsbc Insurance Brokers, Hsbc Uk, Instances, Insurance, Kpmg, Losses, Pension Scheme, Scheme Members, Security Breaches, Two Occasions, Unencrypted No Comments »UK : Shocking increase in fraud levels
April 18th, 2009 Before You Invest The Liberal Democrat’s treasury spokesman Vince Cable has claimed that the recent increase in fraud “is truly shocking”.Speaking to the Times, the British politician said that there are a growing number of mortgage fraud cases being unveiled amid the economic downturn and warned regulators to be on their guard for people turning to financial crime as a result of the recession.His comments were made following new research from the Times, which found that the UK’s Financial Services Authority (FSA) had banned over 50 per cent more finance firms from practicing over the last year.A total of 107 firms were prohibited from operating, 33 per cent of which were in the mortgages sector.Mortgage brokers Peter and James Dean of Dorset became the latest firm to be banned by the FSA over regulatory failures last week.Mr Cable claimed “it is essential that the authorities remain vigilant” to the potential fraud threat.
Posted in Finance Fraud Tags: Authorities, British Politician, Dean, Dorset, Economic Downturn, Finance Firms, Financial Crime, Financial Services Authority, Fraud Cases, Fsa, James Dean, Liberal Democrat, Mortgage Brokers, Mortgage Fraud, Mortgages, Recession, Regulators, Treasury Spokesman, Vince Cable No Comments »Nasdaq OMX Europe to launch dark pool platform
March 18th, 2009 Before You Invest Press releaseMultilateral trading facility (MTF) Nasdaq OMX Europe has announced plans to launch a new pan-European dark pool, Neuro Dark. Dark pools are usually designed to enable buyers and sellers to agree large-scale transactions without having to publicly tell details such as sale price or share volumes.
Posted in Finance Fraud Tags: Best Bid, Blue Chips, Buyers And Sellers, Crosswell, Dark Pool, Dark Pools, Final Approval, Financial Services Authority, Functionality, Inet Technology, Launch, Market Swings, Marketplace, Match, Nasdaq Europe, Omx, Pan European, Reference Price, Share Volumes No Comments »
