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Tag: fraud

FCA issues £45.5m fine over HBOS Reading fraud scandal

FCA issues £45.5m fine over HBOS Reading fraud scandal

Business
By James Sillars, business reporter Bank of Scotland (BoS) has been fined £45.5m by the City regulator for failures to disclose suspicions of fraud at its scandal-hit Reading branch.The Financial Conduct Authority (FCA) said the bank first identified suspicious conduct in the Impaired Asset Team (IAT), based in the Berkshire town, in early 2007. It said that it was not until July 2009 that regulators were provided with full disclosure.Six people were jailed in 2017 in connection with the fraud, including two former HBOS managers. Image: Former Deal or No Deal TV host Edmonds allegedly fell victim to the fraud by former staff at HBOS Reading The £245m scam saw bank manager Lynden Scourfield approve
Ex-VW boss indicted on ‘dieselgate’ fraud charges

Ex-VW boss indicted on ‘dieselgate’ fraud charges

Business
By Wale Azeez, business reporter Volkswagen's former boss and four others have been indicted on charges of fraud and unfair competition over the firm's efforts to cheat diesel emission tests.Martin Winterkorn faces four charges, with prosecutors saying he failed to prevent the manipulation of Volkswagen engines that enabled the cars to falsify results. Mr Winterkorn led the German car maker in 2015 when it was revealed it had installed software to manipulate emissions results as far back as 2009.German prosecutors said on Monday that Mr Winterkorn knew about the software since at least 25 May 2014, despite public statements that he only became aware just before the scandal broke in September the following year.If convicted, he and the others accused face betwe...
'We seem to forget a lot': Why some advisors are moving to shield the elderly from financial fraud

'We seem to forget a lot': Why some advisors are moving to shield the elderly from financial fraud

Finance
The Cooneys walked into the office to hear their test results. Matt Cooney, a 79-year-old retired television sportscaster, was informed that his financial decision-making capacity was in jeopardy. Dobe Cooney admitted that her husband had lost track of their bills a few times lately. "We don't leave the teeth in the refrigerator or anything like that," said the 75-year-old former nurse. "But as we get older, we seem to forget a lot." The exam had not been administered by their doctor but by their financial advisor, Carolyn McClanahan. ...
Patisserie Valerie: Scale of alleged fraud may be worse than first feared

Patisserie Valerie: Scale of alleged fraud may be worse than first feared

Business
The crisis-hit owner of Patisserie Valerie is examining "options" for the business, warning the scale of alleged fraud in its accounts may be much worse than initially feared. Trading in shares of Patisserie Holdings were suspended in October when it flagged a black hole in its accounts from "potentially fraudulent" accounting irregularities.The fallout saw its former finance director arrested and released amid a Serious Fraud Office investigation.The company said on Tuesday evening: "The work carried out by the company's forensic accountants since (October) has revealed that the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts."Among other manipulations, this involved thousands of false en...

Fraud office narrows Rolls-Royce corruption probe

Business
[unable to retrieve full-text content]The Serious Fraud Office (SFO) has dropped its probe into a number of former Rolls-Royce Holdings employees amid pressure to conclude a wide-ranging bribery and corruption inquiry launched more than six years ago. Business News - Markets reports and financial news from Sky