SFO boss warns rogue bankers will be brought to justice

From This is Money –

“The boss of the Serious Fraud Office has warned rogue bankers will be brought to justice with more individuals involved in rigging Libor interest rates likely to be charged this autumn.

In a speech yesterday, David Green (pictured) indicated there would be no hiding place for anyone involved in the scam – no matter how senior – saying the watchdog’s Libor probe will ‘go wherever the evidence takes us’.

The comments were made in Green’s first public speech since former UBS and Citigroup trader Tom Hayes was convicted for manipulating Libor and sentenced to 13 years in jail.”

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Nick Leeson warns Hong Kong of Shanghai stock connect’s ‘rogue trading’ risks

From South China Morning Post –

“Conditions ripe for market manipulation, says the trader who brought down Barings.

Rogue trader Nick Leeson says the surge in trading volume and rapid pace of regulatory change around the Shanghai-Hong Kong stock connect have created conditions ripe for market manipulation.

The trader who famously broke Barings Bank in 1995 by making unauthorised bets on the futures markets in Singapore said the explosive pace of change had likely created a mismatch in available information to stock market dealers and regulators.”

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French rogue trader Jérôme Kerviel freed

From The Guardian

“In the end it worked out at just one day in prison for every €50m (£40m) lost by the French rogue trader Jérôme Kerviel, who was freed by an appeal court on Thursday.

Kerviel was convicted in 2010 and sentenced to five years in jail – two suspended – and ordered to repay almost €5bn he had lost the French bank Sociéte Générale in unauthorised deals .

After numerous appeals and legal wrangling, he was released by the Paris appeal court on Thursday after 110 days in prison. The judge rejected a demand by French prosecutors that Kerviel remain in jail but ordered him to wear an electronic tag.

The former trader, who carried out one of the biggest trading frauds in history, had been told in March that he would not have to repay the bank.

The 37-year-old had managed to stay the 2010 sentence through the lengthy appeal process but was jailed in May after returning from Italy where he met Pope Francis. Kerviel was arrested after crossing the border into France while on a much-publicised two-month pilgrimage from Rome to Paris to draw attention to the "tyranny" of financial markets.

At the beginning of August, he was given a conditional release from prison, but was denied his freedom after a successful appeal against the decision by the prosecutor's office. That appeal was overturned on Thursday.’

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