On 5 March, Reed Smith will welcome in-house counsel at pharmaceutical, medical device, and health companies to join a roundtable discussion on how to identify and mitigate risk. Our Government Investigations partners Rosanne Kay and Eoin O’Shea will speak on a panel “Global Investigations of Companies and their People: A Look at Current Issues through … Continue Reading
On 30 November, an English court approved the first Deferred Prosecution Agreement (DPA). This DPA also coincided with the first time that the Serious Fraud Office had charged the “failure to prevent bribery” offence under section 7 of the Bribery Act. The DPA was agreed between the SFO and Standard Bank in relation to allegations … Continue Reading
The conviction of Tom Hayes in the first UK LIBOR trial (click here to read more) is a watershed moment. It’s a big win for the SFO, although it must be said that a more damning book of evidence could not be imagined. The judge’s sentencing remarks (link to judiciary.gov.uk) repay detailed study. Hayes received … Continue Reading
A number of banks have agreed record settlements with regulators in relation to forex. These fines were paid by the banks themselves, as opposed to the traders involved, and the position of the individual, in the UK at least, is very different from the banks – to learn more, please click here to read the … Continue Reading
From 3 May 2015, businesses in the UK will face new risks as a reform in the law will mean that those enabling the criminal activities of an organised crime group, including professionals, can be prosecuted more easily. It is important that all businesses are alive to the risk of not asking questions, or of … Continue Reading
A former professional football player, Delroy Facey, has been convicted and imprisoned for offences under the UK Bribery Act. The BBC reports the conviction and sentence here. If you love sport it’s a sad story. Facey was a decent striker who, at one time, was considered good enough to play for Bolton Wanderers, then in … Continue Reading
In 2014, there was an increase by 20 percent in open investigations by the UK’s Financial Conduct Authority (FCA). An increase that is speculated to be the result of the FCA’s new stricter regime, in comparison to its supposedly less confrontational predecessor, the FSA. Click here for the Reed Smith Client Alert to lean more … Continue Reading
The prosecution of Smith and Ouzman Ltd. for bribery is winding to a close, with the sentencing of two directors of the company for corruption. The 43-year-old sales director of the company got three years. The 72-year-old former chairman of the company got 18 months suspended, plus 250 hours unpaid work. The convictions were for … Continue Reading
This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation. These are the largest regulatory settlements in UK history, a total of £1.1 billion (or $1.72 billion), the largest slice of … Continue Reading
The Isle of Man is an unusual place. Constitutionally it is a dependency of the British Crown and depends on Britain in matters of defence and foreign affairs. But it isn’t part of the United Kingdom and has a separate legal system. The island has made the most of its differences by creating an … Continue Reading
The top story in the UK media today is about alleged corruption in English football. Someone said to be a “fixer” for betting syndicates was secretly recorded boasting that the results of English lower-league matches and even international matches could be bought, once the price was right. Six people, including three players, have been arrested … Continue Reading
In a recent speech, David Green, the Director of the Serious Fraud Office (SFO) stated that the agency would adopt a “sweep” approach, focusing on specific industries, to identify businesses which might be breaking the law. The SFO has made it clear that its anti-bribery investigations are focused on the construction and energy industries. Most … Continue Reading
The UK’s Serious Fraud Office is gradually lengthening the role of prosecutions for overseas corruption with an important new prosecution, and clear indications that more are in the pipeline. The new case involves Smith & Ouzman, a printing company, and four individuals connected with it. The company and some of its officers are accused of … Continue Reading
For the first time, the UK has proposed a specific and detailed sentencing regime for corporations involved in bribery, fraud and other economic crimes. Of course, individual executives who commit crimes of dishonesty can generally expect prison time. Corporates can’t be locked up, but they can be fined and/or have other penalties applied. Up to … Continue Reading
