Jail term for ex-insurance worker in £280k fraud
A former employee of RSA Insurance Group has been jailed, while his accomplice received a suspended sentence, after they pleaded guilty to a number of fraud offences.
Legal
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Three former Allianz staffers found guilty of bribery
Three former Allianz employees have been sentenced for bribery offences after making £7,000 ($9,000, €7,597) by leaking more than 700 pieces of confidential data, an investigation by the City of London Police’s Insurance Fraud Enforcement Department (Ifed) found.
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EU to limit UK expat residency rights post Brexit – minister
Britain’s Brexit minister David Davies has revealed that the European Union plans to restrict the residency rights of British expats living within the bloc once the UK leaves.
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Jailed ex-Schroders trader ordered to pay £350k to FCA
A UK judge has ruled the Financial Conduct Authority can claw back £350,000 ($455,837, €391,249) from a former Schroders fund manager convicted of insider dealing.
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Former adviser jailed for 4 years for defrauding ex-Spurs star
A former financial adviser has been sentenced to four years in prison after being found guilty of a multi-million dollar fraud case involving retired San Antonio Spurs basketball player Tim Duncan.
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Complex financial crime key driver of rising compliance costs
More complex financial crime and a growing regulatory burden have together been the driving force behind rising compliance costs within the financial services industry, a recent survey has revealed.
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Two charged in fake death scam to claim life insurance
A woman and her son have been charged with fraud by UK police for conspiring to fake the mother’s death in Zanzibar in an attempt to claim £140,000 ($174,387, € 163,557) in life insurance.
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Guernsey regulator disqualifies adviser for ‘despicable’ fraud
A financial adviser who was jailed for three years after stealing £157,000 ($190,874, €178,836) from clients has been disqualified from acting as a director of any Guernsey company for 12 years.
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Harlequin nears liquidation after court refuses more time
Beleaguered overseas investment scheme Harlequin Property SVG is a step closer to liquidation after the High Court in St Vincent and the Grenadines refused to grant more time for the managers to file their proposal to creditors.
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HK regulator continues crackdown with ex-HSBC adviser ban
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded, banned or taken action against 13 companies and individuals since the start of 2017, most recently banning a former HSBC adviser from re-entering the financial services sector for life.
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Former Westpac banker jailed for property Ponzi scam
A former Westpac banker in Australia has been sent to jail for three years for encouraging elderly and vulnerable customers to borrow over A$2.5m (£1.5m, $1.9m) to invest in a Tasmanian property development, which turned out to be a Ponzi scheme.
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Australia’s Westpac taken to court over advice failures
Australia’s financial services regulator is taking legal action against one of the country’s biggest banks for giving financial advice that failed to put the “best interests” of its clients first.