SFO raids kick off probe into collapsed Signature Group
By 
Kyle Brasseur2024-02-21T14:55:00
The U.K. Serious Fraud Office (SFO) carried out several residential raids Wednesday as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.
The SFO coordinated with the National Crime Agency in arresting four unnamed individuals in connection with the probe, which seeks to determine how Signature Group entered administration with losses of up to 140 million pounds (U.S. $177 million) impacting approximately 1,000 investors across the globe.
“We have people up and down the country left out of pocket and buildings left derelict at the center of our cities,” said SFO Director Nick Ephgrave in an agency press release. “Today’s arrests and searches will help us reconstruct exactly what happened. This is now an active criminal investigation.”
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFrench defense contractor Thales Group under investigation for bribery in Asia
French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.
-
News BriefSFO launches probe into collapsed Carlauren Group
The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
-
PremiumSFO director support for whistleblower incentives enough to drive change?
When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.