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SFO brings charges against bankers

Tom Fox | July 3, 2017

While there is still yet to be a major banking figure brought to trial over the worldwide banking meltdown from the 2008 financial crisis, the U.K. Serious Fraud Office (SFO) recently brought charges against four former executives from Barclays. Reports indicate the SFO is accusing the bank and four of its former senior staff of lying, or not fully disclosing to the market what it was paying Qatari investors as they were putting up over £12bn into Barclays to stave off a UK government bailout.

The criminal focus is around an “advisory service agreement” the bank struck with Qatar at the time of the fundraisings in 2008. The first cash call and original advisory service agreement was in June of that year and the second deal in October then extended the agreement. The ASA in total pledged £322m ($406MM) to Qatar in exchange for helping to develop Barclays’ services in the...

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