You may think of your own defenses as impenetrable. You may dismiss the chances that you could ever fall victim to one of these schemes. If that is you, you are in serious jeopardy.
A jury in Harrow Crown Court northwest of London has convicted Kevin Foster of operating a Ponzi scheme that defrauded hundreds of investors out more than 34 million pounds. Foster’s scam is a good primer on how many high profile scams operate today.
UK’s Financial Services Authority Warns of Scamsters Impersonating Authorized FSA Firms
The UK’s Financial Securities Authority (“FSA”) has banned London-based hedge fund manager Simon Treacher from the securities industry and fined him £140,000 after finding that he materially altered trading records to make it appear that his trades were more profitable by approximately $27 million. According to the FSA’s press release:
In the United Kingdom, the Serious Fraud Office (“SFO”) has the ability to file criminal charges against those suspected of engaging in financial fraud. Recently, the SFO announced that is conducting a criminal investigation of a hedge fund operated in the Cayman Islands, Dynamic Decisions Capital Management Ltd. (“Dynamic Decisions”). The SFO’s press release reads as follows:
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UK’s Serious Fraud Office Charges Seven in Connection with International Fraud
British authorities have charged seven people with conspiring to defraud UK investors out of more than $100 million through a series of boiler room operations.