Investigations
Examples of various regulatory / criminal investigations undertaken:
Case Studies
14 Sept 2011: UBS uncovers unauthorised trading by Adoboli with losses of US $2.3 billion.
15 Sept 2011 – 3 am: City of London Police called to arrest him
Sept 2012: Trial starts. Lasts 10 weeks.
20 Nov 2012: Adoboli found guilty of 2 counts of fraud by abuse of position and sentenced to 7 years in prison.
408 days and many evenings/weekends spent working on the investigation and preparation for the trial, including disclosure, instructions to criminal counsel, collection and provision of evidence and statements, assistance to the police, the CPS and prosecuting counsel.
June 2013: Awarded a Certificate of Achievement by the City of London Police
Click here for case details and here and here
This case illustrates the dangers of the invisible insider who goes rogue. “Invisible” because the focus on high risk individuals can lead firms to forget that anyone with access to sensitive information, no matter how junior, can be a risk should they decide to ignore their training and deliberately take information entrusted to them and use it for improper purposes.
Ali Mustafa worked in the print room of UBS and over a period of at least 2 years shared the confidential information he was handling with others to enable them to trade on the basis of inside information. His brother worked in the print room of JPMorgan Cazenove but was not charged as he left UK jurisdiction and it did not prove possible to extradite him back to the UK.
The FSA investigation took years and from June 2008, when UBS was first notified of the matter, to the trial in spring/summer 2012, it assisted with the FSA’s investigation by providing extensive documentation, information and over 40 witness statements. The trial concluded with guilty verdicts.
This was the second insider dealing trial arising from the activities of Ali Mustafa, who worked in UBS’s print room.
As in that case, considerable work was done to assist the prosecution with their investigation and during the trial, often at short notice.
Julian Rifat was one of the many people who either pleaded or were found guilty of insider dealing following an extensive and complicated 8-year investigation by the regulator.
As in other similar FCA/FSA investigations, the regulator sought extensive information, interviews and witness statements from a number of financial institutions, including UBS, over a prolonged period.
The AMF imposed its largest ever fine on Joseph Raad for insider dealing in the shares of Geodis, following information provided to him by his cousin, Charles Rosier, who worked within UBS, an advisor to one the parties to the transaction.
The same individuals were also fined in respect of insider dealing in the shares of ILOG in 2008.
Over a 6-year period an extensive internal investigation was carried out into various employees in relation to these matters in order to assist the French regulator with its investigation.
Presentations & Training
Talk to the Fraud Womens Network in July 2015
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