Caven blog

Corporate crime

2012: The year ‘banker’ became rhyming slang

This year seems to have been a big one as far as banking scandals go. A major part of the fallout from the financial crisis, which was predominantly caused by the irresponsible actions of banks, has been a public and government outcry regarding the way banks operate.

From rate fixing to bonuses, money laundering and sanction breaking, this has been a year in which the banks have been taken to task by lawmakers and regulators across the world.


HSBC to pay £1.2bn fine over money laundering

HSBC has announced it will pay $1.9bn (£1.2bn) to US authorities in a settlement over poor money laundering controls, according to the BBC.

The news originally broke in July, when HSBC executives appeared at a US senate hearing following a subcommittee report which highlighted serious issues with the bank’s American operation.


Mole who sold Dyson tech to Bosch named

An industrial spy alleged to have sold top-secret Dyson vacuum cleaner technology to a rival has been named as Chinese engineer Yong Pang, according to The Telegraph.

Dyson claim Mr Pang was paid £11,500 by Bosch, a German competitor, in exchange for key intellectual property.


Victim of subprime mortgage collapse launches class action against banks

A 68-year-old American woman who suffered a home re-possession, Annie Bell Adams, has launched a class-action lawsuit in New York against 12 banks, including Barclays, Lloyds, Bank of America and RBS, according to The Daily Mail.

Adams, along with four other complainants, claims the banks manipulated the London Inter-Bank Offered Rate (LIBOR) in such a way that her mortgage (which was directly linked to the rate) was far more expensive than it should have been.


Top commercial fraud lawyer fired for false expenses claims

Christopher Grierson, a commercial fraud and asset tracing expert, has been sacked by one of the world’s top law firms for falsely claiming more than £1m in expenses.

Mr Grierson has worked on a number of high-profile investigations and was hired to recover funds for Bernie Madoff’s creditors after the collapse of the American’s Ponzi scheme. (more…)

New agency to be set up to fight economic crime

A new agency is to be established and given extra powers in order to battle economic crime, such as bribery and corruption, in the wake of the new Bribery Act. (more…)

Corporate crime Image

Corporate crime is a topic that crosses the legal boundaries of criminal and commercial law. It penalises companies and individuals for crimes committed in their commercial capacities.

This area of law attracts high profile cases and a lot of media attention, which we will cover for you in this section of the blog. Corporate crimes include bribery and corruption, fraud, and corporate manslaughter.

Corporate crime also is subject to a lot of legislative and regulatory reform. Businesses are advised to keep up-to-date with these changes to ensure they have the necessary precautions and procedures in place to prevent corporate crimes from being committed.

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