UK authorities braced for wave of financial frauds

Daily news headlines

LONDON - The head of the UK's Serious Fraud Office (SFO) has revealed the City of London will face a wave of financial frauds over the coming months, resulting from a number of investigations already underway.

Richard Alderman told UK newspaper The Independent that authorities are currently tracking a series of suspected rogue trading incidents, mortgage frauds and investment fraud scams - including potential for a "big ponzi scheme" similar to Bernard Madoff's $50 billion con operation discovered by US authorities in December 2008.

Bob Wishard, detective superintendent of the City of London Police fraud squad said: "The growing number of frauds in the City and the deepening recession has prompted speculation that Britain could soon see its first £1 billion fraud."

The SFO wrote to legal and accounting firms in December 2008 asking for whistleblowers to come forward about hidden financial crime.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: