A former assistant commissioner of London’s Metropolitan Police Service has been announced as the next director of the U.K. Serious Fraud Office (SFO).
Nick Ephgrave will succeed Lisa Osofsky at the end of September for an initial five-year term.
Hopes are high his time in office will prove better than Osofsky’s, whose controversial tenure saw her failure to secure the prosecutions of several large companies and their directors (e.g., Tesco, G4S) and follow established legal procedure, resulting in the collapse of key cases (e.g., Serco, Unaoil).
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Recruitment and retention are among the biggest issues facing the U.K. Serious Fraud Office as the agency gets set for a new director to take the reins.
The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.
