$5trn-a-day Forex rigging probe dropped despite evidence of criminality

https://www.rt.com/uk/335797-sfo-criminal-probe-dropped/

British prosecutors have dropped a criminal probe into the rigging of the $5trn-(£3.5trn)-a-day foreign exchange market despite having uncovered what it says are “reasonable grounds” to suspect offences involving serious or complex fraud.

Britain’s Serious Fraud Office (SFO) said the material it had obtained provided “insufficient evidence for a realistic prospect of conviction.”

“Whilst there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence contrary to English law,” the financial watchdog said on Wednesday.

“It has further been concluded that this evidential position could not be remedied by continuing the investigation.”

Forex rigging was the most recent in a series of rate-rigging scandals to engulf the global financial sector. Criminal traders at some of the world’s biggest banks conspired to manipulate the multi-billion dollar market, while making handsome profits in the process.

They rigged the foreign currency trades via email and online chat rooms to the detriment of the companies and investors who had placed trust in them. The rogue traders then relayed instances where they bolstered their profits, while lobbying their managers for bigger bonuses.

The SFO has had little success in prosecuting financial crime in Britain, excluding the conviction of UBS trader Tom Hayes. The former financial trader is serving an 11-year jail sentence for conspiring to rig Libor interest rates and will return this week to a London court in a multimillion-pound case against prosecutors keen to seize his assets.

————

“British prosecutors have dropped a criminal probe into the rigging of the $5trn-(£3.5trn)-a-day foreign exchange market despite having uncovered what it says are “reasonable grounds” to suspect offences involving serious or complex fraud.”

and who goes to jail?

nobody..maybe a couple of patsies but thats it..no big dogs..

“The SFO has had little success in prosecuting financial crime in Britain, excluding the conviction of UBS trader Tom Hayes.”

pretending to fail?

“Criminal traders at some of the world’s biggest banks conspired to manipulate the multi-billion dollar market, while making handsome profits in the process.”

5 trillion isnt chicken feed..

401

~ by seeker401 on March 22, 2016.

One Response to “$5trn-a-day Forex rigging probe dropped despite evidence of criminality”

  1. Reblogged this on World Peace Forum.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: