International: Banks receive record fine over foreign exchange rigging

International: Banks receive record fine over foreign exchange rigging

The US Department of Justice and other regulators have imposed a record $5.7bn (£3.7bn) fine on major banks over the rigging of foreign exchange markets. The major banks, including Barclays and the Royal Bank of Scotland (RBS), have been heavily fined after it was discovered bankers working in these institutions had been manipulating the foreign exchange markets. The manipulation of the foreign exchange markets had been occurring between 2007 and 2013, and involved bankers from…

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Criminal law: Richard Mawrey QC attempting election law reform

Criminal law: Richard Mawrey QC attempting election law reform

The judge who removed Tower Hamlets mayor Lutfur Rahman from office, Richard Mawrey QC, is involved in an ongoing campaign to change the law in order to reduce election fraud and improve election practices. Richard Mawrey QC, a legal expert in election law, is attempting to alter the laws of England to reduce the changes of election fraud during elections. Most recently, Mr Mawrey presided over the trial and subsequent disqualification of Lutfur Rahman, the…

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Fraud: Investigation to look at Tesco’s accounting launched

Fraud: Investigation to look at Tesco’s accounting launched

This week the Serious Fraud Office began an investigation to food supermarket chain, Tesco, after irregularities were found in its account practices, reports the Guardian. A team of forensic accountants from Deloitte have examined Tesco’s accounts and have discovered irregularities in the data. It appears Tesco have artificially inflated their first-half profits by £263m but ascribing profit from previous years to the profits for this year. The amount relating to previous years is thought to…

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Fraud: Barclays puts aside £500m to cover costs of forex-rigging claims

Fraud: Barclays puts aside £500m to cover costs of forex-rigging claims

Barclays bank has indicated it has placed £500m aside to cover the costs of the forex-rigging scandal, reports the Guardian. The Serious Fraud Office and Financial Conduct Authority both initiated investigations into the bank when, in June 2013, whistle-blowers informed the media traders were manipulating benchmark foreign-exchange rates which are used to set the value of trillions of pounds worth of investments worldwide. The traders are said to have been front-running client orders and rigging…

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Chris Huhne: Former cabinet minister loses court battle over legal costs

Chris Huhne: Former cabinet minister loses court battle over legal costs

The former Liberal Democrat cabinet minister Chris Huhne has lost his legal fight to challenge a court order that he should pay £77,750 in costs following his jailing for attempting to have his ex-wife receive his speeding penalty points for him, reports the BBC. The case of Mr Huhne and his former wife Vicky Pryce dominated the news headlines back in 2013, after Ms Pryce informed the media that her husband had pressurised ‘others’ to…

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Fraud: Three sentenced for playing key roles in pyramid scheme

Fraud: Three sentenced for playing key roles in pyramid scheme

New legislation has seen three women convicted of unfair trading through a pyramid scheme, the BBC reports. A pyramid scheme that begun in South West England and quickly spread through to Wales has been discovered and three of the participants sentenced for their roles in the illegal trade. Three women, Mary Nash, Susan Crane and Hazel Cameron, all in the later stages of life, have each been sentenced for their part in drawing investors into…

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Consumer law: Red Bull forced to pay out compensation to its customers

Consumer law: Red Bull forced to pay out compensation to its customers

Energy drink company, Red Bull GmbH, has been ordered to pay out millions of pounds in compensation for misleading consumers, reports the Daily Mail. Accused of years of false advertising, Red Bull has agreed to pay out $13 million to consumers. Any customer who has purchased a can of Red Bull in the last 12 years is entitled to make a claim and be compensated with $10 for not receiving the benefits which had been…

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Review: Investigation to look into cases involving evidence from ‘Fake Sheikh’ after Tulisa’s conviction is quashed

Review: Investigation to look into cases involving evidence from ‘Fake Sheikh’ after Tulisa’s conviction is quashed

As a result of his loss of credibility following the drugs trial involving Tulisa Contostavlos, evidence given by Mazher Mahmood in over 30 other criminal hearings will now be reviewed, reports the Telegraph. Newspaper undercover reporter, Mazher Mahmood, boasted an abundance of cases in which he had brought public figures committing criminal acts to justice. However, following his failed attempt to see Tulisa convicted of a drug-related crime, Mahmood’s reputation has been seriously damaged. Furthermore,…

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Divorce: Fraudulent divorces declared void by High Court

Divorce: Fraudulent divorces declared void by High Court

180 fraudulent divorce cases involving an Italian law firm have been declared void at the UK High Court this week after police uncovered an international divorce scam, reports the BBC. Thames Valley Police were alerted to the fraud back in 2012 after a member of staff at Burnley County Court identified two cases involving Italian nationals using the same address in Maidenhead, Berkshire. Italian law requires divorcing couples to live separately for three years before…

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Payday lending: Fake law firm letters cost lender Wonga

Payday lending: Fake law firm letters cost lender Wonga

The payday loan company Wonga has announced a dramatic 53% fall in pre-tax profits in the wake of the ‘fake law firm’ letters scandal, reports the Mail Online. The controversial company sparked fury among consumers earlier this year when it was revealed that they had sent threatening letters to thousands of customers from ‘fake’ law firms. The Financial Conduct Authority concluded an investigation into the practices of Wonga by issuing a £2.6m fine, saying that…

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