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Senior Barclays bankers charged with fraud over credit crunch fundraising

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https://www.theguardian.com/business/2017/jun/20/sfo-charges-barclays-bank-executives-ceo-2008-qatar-fundraising

 

Bank, ex-chief executive and three others accused, marking first time any top bankers have faced charges over financial crisis

 

Four former Barclays executives could face lengthy jail sentences after the Serious Fraud Office charged them and the bank with fraud over the way Barclays raised billions of pounds from Qatar at the height of the financial crisis.

 

The SFO charged former Barclays chief executive John Varley and three former colleagues – Roger Jenkins, Tom Kalaris and Richard Boath – with offences after a five-year investigation into the events surrounding the £11.8bn emergency fundraising conducted by the bank in 2008.

 

This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout.

 

 

The individuals and a bank representative are scheduled to appear at Westminster magistrates’ court on 3 July. Jenkins and Boath said they would contest the charges; there has not been any comment from Varley and Kalaris.

 

The charging decision has been postponed on a number of occasions, initially to the end of March, then the end of May and then to mid-June, and comes as the SFO faces abolition under plans set out in the Conservative election manifesto.

 

 

 

I reckon they will get off with a slap on the wrist and a fine.. this after the SFO will have spent £thousands if not £millions of tax payers money trying to make a case against them.


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Barclays charged with fraud in Qatar case

 

Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis.

 

The Serious Fraud Office case relates to the way the bank raised billions of pounds from Qatari investors enabling it to avoid a government bailout.

 

Former chief executive John Varley is one of the four ex-staff who will appear at Westminster Magistrates' Court on 3 July.

 

Barclays says it is considering its position and awaiting further details.

 

"The charges arise in the context of Barclays' capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO," the bank said in a statement.

 

It is the first time criminal charges related to the financial crisis have been brought against a bank in the UK.

 

READ MORE HERE: http://www.bbc.co.uk/news/business-40338220

Edited by stu007

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If they were in China they would each get a bullet in the back of the head in some deserted prison yard. Along with many of the other banking execs involved in the 2009 crisis.


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I just wonder whether those with legal know how might comment.

 

Can these cases involving highly complex issues be put in front of juries ? Or should they instead use a panel of Judges with relevant knowledge ?

 

Someone i know received jury service notice that they might be asked to serve on a long running finance crime expected to last at least 2 months. They did not do it in the end due to medical issues and just did usual 2 week service on other cases. I should imagine anyone being told about service lasting months would be finding any excuse they can think of. The people they are left with might not be suited to hearing a long complex case.


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I just wonder whether those with legal know how might comment.

 

Can these cases involving highly complex issues be put in front of juries ? Or should they instead use a panel of Judges with relevant knowledge ?

 

 

.

 

I think this has been mentioned before hasn't it..

 

Remove juries from fraud trials? Bad idea

 

 

 

 

Proposals to hold all complex financial crime trials before only ‘specialist judges’ miss the point, writes Jonathan Grimes.

 

 

According to Max Hastings, writing last week in the Daily Mail, ‘fraud trials must be held before specialist judges, the only people who can hope to understand the issues, rather than before juries’. This, he says, is the only way to prevent the regular collapse of trials of ‘financial crooks’ (by which he is really referring to bankers).

 

Hastings is right in that the UK has a relatively poor track record of successfully prosecuting complex financial crime (though not nearly as bad as he suggests) but he is completely wrong to suggest that the removal of juries is the answer.

 

 

 

Trials don’t commonly collapse because of juries, or for want of ‘specialist judges’ (another of Hastings’ proposals – in fact most complex cases are already heard before High Court rather than circuit judges). Trials mainly collapse because prosecutors make mistakes. These mistakes are often for want of resources, resulting in a failure to investigate or prosecute the case fairly, which in turn can allow successful argument that the case should be stayed as an abuse of court process.

 

In short therefore: if you want to convict more bankers, don’t get rid of juries, don’t get special judges; simply increase resources available to the country’s investigators and prosecutors so that they can do a better job and make fewer mistakes.

 

 


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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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https://www.theguardian.com/business/2017/jun/20/sfo-charges-barclays-bank-executives-ceo-2008-qatar-fundraising

 

I reckon they will get off with a slap on the wrist and a fine.. this after the SFO will have spent £thousands if not £millions of tax payers money trying to make a case against them.

 

In SFO prosecution cases convicted parties are usually required to pay prosecution costs. Additionally if Barclays as a company are convicted their fine will be collosal and more than enough to cover the SFO/taxpayer's costs.

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