fraud

Financial services loses more to fraud each year than any other private sector industry in the UK, according to the National Fraud Authority (NFA).

The UK opposition Conservative party is likely to follow the lead of Barack Obama , US president, and introduce similar trading curbs for banks based in the City if elected, George Osborne, the shadow chancellor, said Thursday night.

City of London police made 12 arrests over the Christmas period in Manchester and Sunderland in connection with one of Europe's biggest share frauds, in which hundreds of victims lost in excess of £20m.

Mortgage fraud accounted for 18% of all reported fraud last year, according to research from accountants and business advisers BDO.

The FSA has banned mortgage broker Rashid Farid following his jail sentence earlier in the year for conspiring to commit fraud.

Two Bear Stearns hedge fund managers have been found not guilty of fraud.

The saga of Bernard Madoff's record-breaking fraud has taken another twist after one of the top beneficiaries of his Ponzi scheme died.

The FSA has fined London-based investment bank and stockbroker Seymour Pierce Limited £154,000 for failing to detect employee fraud carried out over three years.

Bernard Madoff will spend the remainder of his life in prison after receiving the maximum prison sentence of 150 years for masterminding a $65bn fraud.

Two investment consultants were arrested yesterday by police investigating an international fraud involving potential losses of £250 million.