Classic Financial and Corporate Scandals
"Bankers who hire money hungry geniuses should not
always express surprise and amazement when some of them turn around with
brilliant, creative, and illegal means of making money."
Linda
Davies
The quotation is from a speech by the
financial thriller writer on the Psychology of Risk,
Speculation and Fraud, at a conference on EMU in Amsterdam.
|
Part 1
[ John Rusnak and Allied Irish Banks | Banco Ambrosiano and the Vatican Bank |
| Bank of Credit and Commerce International | Nick Leeson and Barings Bank |
| Bre-X and Canadian Mining Scandals | Butcher Brothers and the United American Bank |
| Cendant Corp. | Credit Lyonnais |
Toshihide Iguchi and Daiwa Bank |
| The Dot-Com Bubble and Investment Banks | Enron Corp. and Arthur Andersen |
| The Flaming Ferraris | Jardine
Fleming | Martin Frankel | Griffin Trading Co. |
| Conrad Black and Hollinger International |
Harshad Mehta | Joseph Jett and
Kidder, Peabody & Co. ]
Continued in Part
2
John Rusnak and Allied Irish Banks
- How to
lose a billion
- The John Rusnak case is reviewed in detail and compared with those of other
infamous rogue traders such as Nick Leeson, Peter Young and Toshihide Iguchi.
William Leith, the Guardian, October 26, 2002.
-
- "Rogue" AIB trader
pleads guilty to fraud
- The Former currency trader pleaded guilty to one count of bank fraud and agreed
to a reduced sentence in return for helping the investigation into whether other
people were involved in the scandal. BBC, 24 October, 2002.
-
- AIB sells
Allfirst to M&T in $3.1 billion deal
- Chief executive Michael Buckley denied that the sale had anything to do with
the John Rusnak affair. 26 September 2002.
-
-
News on the AIB Rogue Trader
- The latest developments and recent articles from Ananova.
-
- Rogue trader missing
after $750m fraud
- Allied Irish Banks (AIB) has named John Rusnak, a US citizen in his 40s, as the
trader at the centre of a suspected $750m (£529m) fraud at its US
subsidiary.
-
- Allfirst rogue trader
accused of costing AIB $750m
- News about the scandal from Radio Telefís Éireann, the Irish
National Public Service Broadcasting Organisation.
-
Banco Ambrosiano and the Vatican Bank
Although this series of scandals first came to light in the early 1980s the
controversy is not over yet.
-
Four charged
over Calvi killing
- Four people have been charged with murder over the 1982 London death
of Italian banker Roberto Calvi. BBC, 18 April 2005.
-
-
Mafia squad probe Calvi bag theft
- Italy's anti-Mafia police are looking into the
theft of files from the UK coroner, Paul Matthews, who is re-examining the
death of Roberto Calvi. BBC, 4 May 2004.
-
-
Four go on trial for murder of God's banker
- More than 20 years after the death of the banker Roberto Calvi was
dismissed as suicide, four people, including a jailed Mafia boss, have
gone on trial in Rome, charged with his murder. Guardian, March 17 2004.
-
-
-
Police investigating murder of God's Banker
- Detectives investigating the murder of "God's banker" Roberto Calvi,
have discovered more than $70 million hidden in a Bahamian bank. The money
is believed to be connected to the collapse of the Banco Ambrosiano and is
thought to be the proceeds of Mafia drugs deals. The Scotsman, 18 February
2004.
-
- Calvi bank's
$70m traced
- Investigators probing the death of Roberto Calvi are close to seizing $70 million
missing from the collapse of Banco Ambrosiano. The Observer, December 14, 2003.
-
- Key witness held
on Calvi
- Police have arrested Odette Morris, the woman who provided an alibi for Flavio Carboni
who has been charged with Calvi's murder.
-
-
A son's quest for truth
- Carlo Calvi has spent over two decades trying to get justice for his murdered
father. Evening Standard, 7 October 2003.
-
- 'God's banker'
death case reopened
- Italian prosecutors have concluded the Mafia murdered the Italian banker,
Roberto Calvi, who was found dead more than 20 years ago, and have named four
people suspected of carrying out the killing. BBC, 24 July 2003.
-
- New clue
turns up in 'God's banker' death
- Italian investigators have discovered a safety deposit box belonging to Roberto
Calvi some 20 years after "God's banker" was found hanging from scaffolding under
Blackfriars Bridge in London. The Guardian, October 14, 2002.
-
-
New look at 'God's banker' case
- Italian magistrates are to reopen a murder investigation into the death of
Roberto Calvi, the banker at the heart of a scandal involving the Vatican,
freemasonry and the Mafia, who was found hanging from Blackfriars Bridge in London
in June 1982. New Zealand Herald, 2 October 2002.
-
- New tests 'say
Calvi was murdered'
- Long-awaited forensic tests into the death of Vatican banker Roberto Calvi -
found hanging from a bridge in London in 1982 - are reported to show he was
murdered. BBC, 19 April 2002.
-
- Ban looms
over Vatican bank movie
- The film God's Bankers (I Banchieri Di Dio) based on the death of financier
Roberto Calvi, could be pulled from cinemas over claims it slanders Flavio Carbonim
an Italian businessman. BBC, 27 March 2002.
-
- Who Killed
Calvi?
- An essay by Edward Jay Epstein.
-
- Operation
Gladio
- by David Guyatt. Claims that there were links between the Calvi affair and
Operation Gladio, a joint project of the US and British secret services to set up a
Europe-wide network of anti-communist guerrillas who would fight behind the lines
in the event of a Soviet invasion.
-
- Exhumation of
Italian banker's body
- The remains of the prominent Italian banker, Roberto Calvi, were exhumed on 16
December 1998, 16 years after his death, to try and determine whether or not he had
been murdered. BBC, 16 December 1998.
-
- DNA
May Solve Banker's Murder
- The latest investigation into the death of Roberto Calvi has produced evidence
that could prove the Italian banker was murdered, and possibly even identify his
assassin. The Guardian, December 30, 1998.
-
- Gelli Arrest is
Another Chapter in Sordid Vatican Bank Scandal
- Licio Gelli, the fugitive financier dubbed the Puppet Master who played
a key role in one of Italy's biggest postwar scandals was arrested in Cannes in
September 1998.
-
- Vatican Bank Claims
- Allegations concerning the Role of the Vatican Bank in WWII. Among the
allegations is the claim that the Vatican, through its banking system, laundered
loot valued at hundreds of millions of dollars taken from Serb, Jewish, Ukrainian,
and other victims of the Nazis and their Croatian supporters.
-
-
Nazi-Era Victims Demand Army, CIA Release Documents on Vatican
- This is in connection with the class action lawsuit against the Vatican Bank
and the monastic Franciscan Order. CNS, September 04, 2000.
-
Bank of Credit and Commerce International (BCCI)
- Bank of England
accused over BCCI
- Bank of England officials "shut their eyes and turned away" instead of clamping down
on fraudulent activity at BCCI, the High Court has been told. BBC, 13 January 2004.
-
- BCCI
settlement costs top $1.2bn
- Creditors of Bank of Credit and Commerce International are to receive another
$1bn (£600m). The cost of the 11-year liquidation has topped $1.2bn. The
Guardian, May 15, 2003.
-
- Treasury in
the dock over BCCI
- Treasury officials are bracing themselves ahead of a High Court decision which
could force them to release secret papers about the Government's role in the
collapse of BCCI. The Observer, May 12, 2002. (According to a report in the Mail on
Sunday, 5 May, that is not available on the web, the authorities turned a blind eye
to fraud at the BCCI for political and intelligence gathering reasons).
-
- Breaking the
Bank
- Why didn't the Bank of England shut down BCCI sooner? For the first time in its
307-year history, the Bank of England will answer a civil lawsuit about its duties.
The Wall Street Journal Europe, August 3, 2001.
-
- Bank faces £1bn
law suit
- The Bank of England is to be sued for up to £1bn by the liquidators of
the collapsed Bank of Credit and Commerce International (BCCI). The BBC, 23 March,
2001.
-
- The Sandstorm
Report
- This is the report of an official investigation into the BCCI affair that the
British government refused to publish. Along with other material on BCCI, the
Sandstone Report is made available on the web site of AABA, the Association for Accountancy & Business
Affairs.
-
- BCCI
Liquidators Sue Sheikh for £289m
- Liquidators are suing the Sheikh of Sharjah for a debt they claim he owes the
failed bank. The Guardian Wednesday August 11, 1999.
-
- Key
Player in BCCI Fraud Loses Appeal
- History's biggest convicted commercial fraudster, Abbas Gokal, lost his appeal
against his April 1997 conviction on charges involving £750 million. Friday
March 12, 1999.
-
- Accountants in
BCCI Net
- The role of accountants Price Waterhouse in auditing for four years the books
of scandal-hit Bank of Credit and Commerce International is under
investigation.
-
-
Bank of Crooks and Criminals International
- An outline of the main allegations that led to the bank being closed down.
-
- Congressional Report on
the BCCI Affair
- A Report to the Committee on Foreign Relations, United States Senate by Senator
John Kerry and Senator Hank Brown, December 1992.
-
- Crooked
Banks
- Allegations of CIA involvement with BCCI and other banks.
-
- BCCI, money laundering, and the
nuclear weapons programs of Pakistan and Israel
- An essay by Orlin Grabbe.
-
Nick Leeson and Barings Bank
The collapse of Barings Bank was probably the most discussed financial scandal of
recent years. The bank was subsequently taken over by the Dutch-based ING Bank.
Bank of England
- Conclusion of the Bank of
England Report on the Collapse of Barings
-
Singaporean Authorities
- Executive Summary of the Report of the
Inspectors of Barings Futures
-
The full report is only available in print. The reference is -
Lim, Michael Choo San Barings Futures (Singapore) Pte Ltd : investigation
pursuant to section 231 of the Companies Act (Chapter 50) : the report of the
Inspectors appointed by the Minister for Finance / Michael Lim Choo San, Nicky
Tan Ng Kuang. Singapore : Singapore Ministry of Finance, 1995. - xi, 183p.
The review by Maximilian Hall may also be of interest.
Hall, Maximilian Review of the Singapore Inspectors' Report on Baring Futures
(Singapore) Pte Ltd. Loughborough University Banking Centre, Jan 96. -
30cm.i,17... - (Loughborough University Banking Centre Research Paper
S.,No.92/96). ISBN - 1-899275-15-0.
IFCI Risk Institute
- Not Just One Man - Barings
- A detailed case study by the IFCI Risk Institute. It includes data on the
positions taken by Nick Leeson, and a discussion of the lessons that can be drawn
from the case.
-
Numa Financial Systems
- The Collapse of Barings
Bank
- a collection of links to articles on the scandal maintained by Numa Financial Systems.
-
US Commodity Futures Trading Commission Response
- Status Report on
Regulatory and Self-Regulatory Responses to the Barings Bankruptcy
- Article by Joseph B. Dial, Commissioner, Commodity Futures Trading
Commission.
-
Other Articles on Barings
- Deloitte &
Touche negligent in Barings audit, rules judge
- The high court has ruled that accountancy firm Deloitte & Touche was
negligent in its auditing of Barings, the London merchant bank brought down by
rogue trader Nick Leeson in 1995. Guardian, June 12, 2003.
-
- Coopers fined in Barings
disciplinary case
- An appeal tribunal for the profession's senior watchdog today upheld its
findings against Coopers & Lybrand for the firm's role as auditor in the
collapse of Barings. Accountancy Age, 20 April 2002.
-
- Barings: A Random Walk
to Self-Destruction
- This article argues that regulators and human nature do not always coincide in
their objectives. In the old days, speculators were protected by the twin devils of
fear and greed - the gambler's emotions. Computers do not know fear or greed, they
do not have any common sense, either. Anyone trading off a screen soon loses touch
with reality and common sense. The article appeared in Scandals in Justice
which regularly publishes online articles attacking the British legal
system.
-
- Billion-Dollar
Man
- Rogue trader Nick Leeson astonished the world when his derivatives deals
brought down Barings - and forced reforms on financial markets.
-
- Leeson
Scandal 'could happen again'
- A report from the BBC following the premier of the film Rogue
Trader.
-
- Leeson paid
£61,000 for speech
- The former Barings trader was paid $100,000 (£61,000) to speak at a
business conference in the Netherlands, BBC Friday 29 October 1999.
-
The central figure in the debacle has written a book about the Barings affair.
Rogue trader by Nick Leeson. London : Warner, 1997. ISBN 0-7515-1708-9. US
edition published by Little Brown & Company, 1996 ISBN 0-316-51856-5.
Locking the Stable Door After the Horse has Bolted
Whenever a scandal like the Barings debacle is uncovered there is a demand that
legislators and regulators should ensure that nothing similar occurs again. All too
often such action is merely a case of locking the stable door after the horse has
bolted. Could frauds on a massive scale be foreseen? Regulators are hardly likely to
answer yes because that would undermine their excuses for their failures.
However, immediately after the news of the Barings affair broke, Allan
Fotheringham writing in the leading Canadian news and current affairs magazine
Maclean's made the following points.
Author Linda Davies has proven a point
made years ago by Marshall McLuhan, who said that artists can warn us of future
disasters. Three years ago, Davies wrote the novel, Nest of Vipers, about a
computer whiz-kid who decides to exploit the system and make tons of money while
being employed as a mole by the Bank of England. She wrote what 28-year-old Nick
Leeson accomplished in Singapore last week. Leeson has been able to upset world
economies more than J. P. Morgan, the Vanderbilts, or the Rothschilds ever
could.
See also the Psychology of
Risk, Speculation and Fraud the text of a speech by Linda Davies at the European
Research Center's annual Financial Panel, Amsterdam, 11 June 1997.
Bre-X and Canadian Mining Scandals
-
The Archived Official BRE-X website
- The official website of the company has been preserved by the
Wayback Machine which archives a huge number of internet sites.
-
- BRE-X :The Inside Story
- A brief summary of a book on the scandal by Diane Francis.
-
- On the Road to Busang
with BRE-X
- Brief notes from Business Week magazine on some of the big-name players that
had close dealings with Bre-X Minerals.
-
-
Stranger than Fiction: The Bre-X Gold Scandal
- Recordings of items about BRE-X in TV and radio programmes from the
CBC archives.
-
- Bre-X Survivor
Clarifies Why He Invested
- John Kutyn explains why he bought BRE-X shares and recommended them to
others.
-
- Gold mine scandal tales only
scratch the surface
- More reviews of books on the scandal.
-
- BRE-X in Bankruptcy
- Deloitte & Touche Inc. was appointed Trustee in Bankruptcy of Bre-X
Minerals Ltd., on November 5, 1997. The website gives details of the efforts of
Deloitte & Touche to recover assets.
-
- The Deloitte &
Touche Inc's Forensic Investigative Associate Inc. (FIA) Report
- The full text of a report on how the mineral samples were tampered with.
-
- Bre-X's
Busang site full of red flags: expert
- Graham Farquharson, president of Strathcona Mineral Services Ltd, the firm that
produced a detailed report on the tampering process, claimed that questions should
have been raised much earlier. May 30, 1998.
-
- The
Hazardous Waste of Speculation on the Vancouver Stock Exchange
-
The notorious Vancouver Stock Exchange (VSE), is synonymous with the financing of
junior mining companies around the world. Since the late seventies, the VSE has
been infamous as a high risk, scam-ridden institution that has been called "the
Sodom and Gommorah of modern day financial markets."
For a treatment in fiction of the Vancouver Stock Exchange
financing a diamond deal see Wilderness of
Mirrors.
The Butcher Brothers and the United American Bank
- Whirlwind
- The website of Sandra Lea, the author of the authoritative book on the
rise and fall of the multi-state banking empire, Whirlwind: the Butcher
Banking Scandal. A story of unbridled lust, greed and insatiable passions,
the book has been described as a cross between Dallas and The Godfather.
Sandra Lea's website contains additional information about the Butcher
brothers scandal, as well as information from the book and where to order
it.
-
- Schledwitz
v. United States
- This ruling from the Court of Appeals in 1999 has background information about
the Butcher brothers and the collapse in 1983 of the United American Bank of
Knoxville, the fourth-largest bank failure in U.S. history. After their banking
empire collapsed Jake and C.H. Butcher were convicted of fraud.
-
Cendant Corp.
- Massive Financial Fraud at
CUC and Cendant Corp.
- The Securities and Exchange Commission brought civil and administrative fraud
and other charges against seven former officials of CUC International Inc. (CUC)
and Cendant Corporation for their involvement in a massive financial fraud that
caused billions of dollars in losses for investors. June 14, 2000.
-
- Cendant
pays $3.2 billion to clear fraud settlement
- Cendant Corp., the marketing and franchising company battered by accounting
problems in 1998, has agreed to pay $3.2 billion to settle a shareholder lawsuit
accusing it of fraud. May 28, 2002.
-
Credit Lyonnais
- Credit Lyonnais'
Tangled Tale
- A timeline of the developments involving Credit Lyonnais and Executive Life.
Business Week, July 30, 2001.
-
- Credit Lyonnais probe
widens
- The US financial authorities are considering prosecuting French bank Credit
Lyonnais for conspiracy and money laundering, BBC, 6 September 2001.
-
- A
California Law Suit Makes Paris Tremble
- An article from Salon magazine about the legal problems of Credit
Lyonnais. February 22, 2000.
-
- Trichet trial
could halt ECB handover
- A magistrate in Paris has ruled that Jean-Claude Trichet, governor of the Bank
of France and heir-apparent to European Central Bank president Wim Duisenberg, must
face the courts over events at the then state-controlled Credit Lyonnais in the
early 1990s. The Guardian, 17 July 2002.
-
- The Credit Lyonnais
Debacle
- By Joseph Fitchett International Herald Tribune. Long France's flagship bank,
Credit Lyonnais has now gained another reputation as the bank whose name is
associated with the country's worst financial scandal this century.
-
- How an Italian Thug Looted MGM, Brought
Credit Lyonnais to its Knees, and made the Pope Cry
- An article about Giancarlo Parretti.
-
- Credit Lyonnais & L.F.
Rothschild Ready to Topple
- J. Orlin Grabbe ponders the implications for the international financial system
if Credit Lyonnais were to collapse.
-
- The Bank Scandal That Keeps
Growing
- An article from Business 2.0 magazine, July 1997, by David
McClintick.
-
- Financiers
flamboyants, contribuables brules
- par Ibrahim Warde, Le Monde Diplomatique, Juillet 1994. Article in French about
how deregulation has led to scandals in various countries, e.g. Credit Lyonnais in
France and Banesto in Spain.
-
Toshihide Iguchi and Daiwa Bank
- Bank Bosses Pay $775m
Fraud Charge
- A group of senior executives at Daiwa have been ordered to pay more than $750m
(£535m) in compensation for losses incurred during fraudulent trading. BBC,
20 September, 2000.
-
- Criminal Complaint &
Indictment Against Daiwa Bank
- The official account of the prosecution's case against Daiwa Bank in the
Toshihide Iguchi affair.
-
- I
Didn't Set Out to Rob a Bank
- Toshihide Iguchi's interview with Time Magazine.
-
- Japan's Billion
Dollar Scam
- On September 26, 1995, Japan's 12th-largest institution, Daiwa Bank, admitted
that lax regulatory controls at a branch in New York had led to a loss of more than
$1 billion over an 11-year period. Trader Iguchi Toshihide was blamed for doing a
Nick Leeson. Daiwa and Japanese bureaucrats have been accused of a cover-up.
-
- Daiwa Bond
Trading Scandal Figure Book From Jail
- Details of claims made by Toshihide Iguchi in a book he wrote - from Viking
Phoenix Web's Japan
Incorporated site.
-
The Dot-Com Bubble and Investment Banks
-
Swiss
banks reach deal with US regulators
- Leading Wall Street brokerages, including the investment arms of
Switzerland’s two biggest banks, have reached a settlement with US regulators
over charges of issuing biased stock research.
-
-
Quattrone gets 18 months in prison
- Frank Quattrone, who rose to investment banking stardom during the
dot.com boom, has been sentenced to 18 months in a federal prison and
two years probation for obstructing justice and witness tampering. CNN Money,
September 8, 2004.
-
-
Star US banker faces jail after guilty verdict
- Frank Quattrone, one of the most high-flying investment bankers on
Wall Street during the dotcom boom, came crashing to earth when he was
found guilty of obstruction of justice. Guardian, May 4, 2004.
-
-
Chris Nolan - Politics from Left to Right
- A blog covering the Frank Quattrone case.
-
-
Inside Frank Quattrone's Money Machine
- The rise and fall of the high-tech investment banker who was an
architect of Silicon Valley's financial culture. Business Week, October
13, 2003.
-
- Star
of dotcom boom is arrested
- The first criminal charges were brought yesterday against a Wall Street banker
for actions during the stock market bubble when Frank Quattrone, formerly of Credit
Suisse First Boston, was arrested for obstruction of justice. Guardian, April 24,
2003.
-
- Merrill
Lynch investment scandal
- The role of investment banks in recommending that investors bought shares in
companies which, allegedly, the analysts were privately describing as junk.
-
- Wall
Street's Top Cop
- Time Magazine chose Eliot Spitzer, the New York attorney general, as its
Crusader of the Year 2002.
-
Enron Corp. and Arthur Andersen
-
Three win Enron trial extradition reprieve
- Three Natwest bankers facing extradition to the United States for
alleged involvement in the Enron scandal haveb been given permission by
the High Court to challenge their treatment by the Serious Fraud Office.
Scotsman, 8 April 2005.
-
-
UK bankers face extradition in Enron case
- Three former NatWest bankers, Gary Mulgrew, Giles Darby and David
Bermingham, should be extradited to the US to face trial over
Enron-related fraud charges, a judge has ruled. Guardian, October 15,
2004.
-
-
My life with the Enron high-rollers
- Robert Kelsey, author of the novel The Pursuit of Happiness: Overpaid,
Oversexed and Over There, included thinly-disguised portraits of the
three former Greenwich Nat West bankers charged with siphoning off £4.8m
from their employer. Evening Standard, 12 July 2002.
-
-
No business as usual after "perfect storm" of Enron scandal
- A wide-ranging review in the aftermath of Kenneth Lay's indictment.
Seattle Times, July 11, 2004.
-
-
Guardian Special Reports: Enron
- A directory of articles from the Guardian on Enron.
-
-
Fraud-charge trio fight extradition
- Three London-based former NatWest investment bankers should be extradited
to the US after taking part in a $20m (£11m) Enron-related scam to defraud
their former employer, a court was told. Evening Standard, 21 June 2004.
-
-
Enron Traders Caught On Tape
- When a forest fire shut down a major transmission line into
California, cutting power supplies and raising prices, Enron energy
traders celebrated. CBS June 1, 2004.
-
- The
Hijackers of Harvard - a name and address
- An article about Herbert S. "Pug" Winokur, Chairman of the Enron
Finance Committee who claims he was misled by Enron management.
-
- Bankers charged over
Enron
- Four former Merrill Lynch bankers have been charged with taking part in the
securities fraud at the energy giant. BBC, 18 March 2003.
-
- Enron energy trader
pleads guilty
- The former head of Enron electricity trading has pleaded guilty to a charge of
conspiracy to commit fraud for his part in manipulating California's energy market
to drive up power prices. BBC, 17 October, 2002.
-
- The curse of
Enron
- Enron is the most infamous and mind-boggling financial scandal ever seen. It
has decimated the money markets more effectively than the best efforts of Osama bin
Laden, Saddam Hussein or even Norman Lamont. The Independent, 25 August 2002.
-
- Enron
Issues
- Hearings and news from the Committee on Energy and Commerce of the U.S. House
of Representatives.
-
- Financial Times Special
Reports on Enron
- An up-to-date archive of FT articles on the downfall of Enron.
-
- The End of Enron?
- A CNN in-depth special investigation.
-
- As Enron
scandal spreads, US starts to question cash for influence culture
- A report on the political implications of the Enron debacle. The Guardian,
January 16, 2002.
-
- The Enron Black
Magic
- The first of a number of articles from Skolnick's Report.
-
-
Enron Execs Reap $744 Million
- Top Enron Corp. workers reaped $744 million in payments and stock in the year
leading up to its bankruptcy filing, the company disclosed on June 17, 2002.
-
- A final
accounting
- Articles from the Chicago Tribune on the problems afflicting Arthur Andersen
since its involvement with Enron.
-
- Durant's
Big Scam : The Transcontinental Railroad and Enron
- In this January 2003 essay, New Yorker financial columnist James Surowiecki
investigates the Crédit Mobilier scandal behind the financing of the Union
Pacific railroad, and compares it to the Enron scandal nearly a century and a half
later.
-
The Flaming Ferraris
Because of the relatively small sums involved this is unlikely to go down in
history as a classic financial scandal but it is one that in February and March 1999
received plenty of publicity following reports that a member of the team had been
involved in illegal trades in the Swedish stock market.
- Securities and Futures
Authority Disciplinary Action
- The report on three of the Flaming Ferraris.
-
- Archer son lied
to cover his tracks
- The Securities and Futures Authority found that Mr Archer, along with Adrian
Ezra and David Crisanti, lacked the integrity to work in the City. Guardian July
28, 2001
-
- Flaming Ferraris
sacked
- James Archer, whizz-kid son of Lord Archer, the millionaire novelist, was
sacked along with two of his colleagues by Credit-Suisse First Boston, the
investment bank, for their role in an alleged attempt to manipulate share prices on
the Swedish stock exchange. Guardian, March 6, 1999.
-
- How
'Flaming Ferraris' burned their bridges
- The five 'Flaming Ferraris', the world's most successful share traders, based
their reputation on a simple publicity stunt. Observer, February 28, 1999.
-
Jardine Fleming
- Whom to Trust?
Investors are spooked by a scandal in Asia's No. 1 fund manager
- An account of the Colin Armstrong affair and its effects on Jardine Fleming and
on Hong Kong in general.
-
Martin Frankel
-
Martin Frankel sentenced to more than 16 years for insurance fraud
- Former financier Martin Frankel, who became a fugitive after bilking
seven insurance companies out of more than $200 million, has been
sentenced to more than 16 years in prison. San Francisco Chronicle, 10
December 2004.
-
- Guilty plea
from $200m fraudster
- Martin Frankel pleaded guilty to 24 federal charges including racketeering,
securities fraud and conspiracy. BBC, 16 May, 2002.
-
- The Pretender
- Information based on the book by the Wall Street Journal reporter Ellen Joan
Pollock on how Martin Frankel fooled the financial world and led the Feds on one of
the most publicized manhunts in history. The book is also available from
Amazon.com.
-
- Martin Frankel: Sex, Greed
and $200 Million Fraud
- by Rachael Bell, for the Crime Library.
-
- A Reversal
of Fortune
- Martin Frankel explains his downfall.
-
-
Does Frankel's journal provide map to missing millions?
- An article from the Toledo Blade about the efforts to find the money taken by
Martin Frankel. May 6, 2001.
-
Griffin Trading Company
- Derivatives
firms shut down
- The UK's Securities and Futures Authority (SFA) forced two firms to close down
after John Ho Park lost at least £6.2m, in the biggest trading scandal to hit
the City of London since Nick Leeson broke Barings Bank.
-
Conrad Black and Hollinger International Inc.
-
U.S.
regulator files fraud charges against Conrad Black and ex-deputy
- The U.S. Securities and Exchange Commission has filed a lawsuit
against Conrad Black and his top deputy, accusing them of using the
newspaper company they ran as their "personal piggy bank" over a period of
four years. CBC News, November 16, 2004.
-
-
Judge dismisses $1.25-billion US suit against Black
- A U.S. federal court judge has thrown out Hollinger International's
$1.25 billion US racketeering lawsuit against Conrad Black and other
former executives of the company. CBC Business News, 8 October 2004.
-
-
Black Hole
- An editorial about the findings of the internal investigation into
financial malpractice within Hollinger conducted by Richard Breeden, a
former chairman of the US securities and exchange commission. There are
links to many other Guardian articles on Conrad Black and Hollinger.
Guardian, September 2, 2004.
-
-
Black fingered for looting
- Conrad Black and other controlling shareholders of Hollinger
International Inc. engaged in "self-righteous and aggressive looting" of
more than $400 million from the newspaper publisher over seven years, a
report claimed. Calgary Sun, September 2, 2004.
-
- Walter
Mitty life of media magnate turned robber baron
- An article about the career of Conrad Black. The Scotsman, 2 September
2004.
-
Harshad Mehta
"Big Bull" Harshad Mehta dead
The man accused of India's biggest stock market scam died on 31
December 2001.
How Harshad
Mehta did it again
An outline of the long-running Indian stock market scandal of the 1990s
by Sucheta Dalal.
Sucheta Dalal's Website
Sucheta Dalal is the journalist who helped to expose the Harshad Mehta
scandal and she is the author of The Scam, a book on it. Her article
10
years of financial scams puts that case in perspective.
Joseph Jett and Kidder, Peabody & Co.
- Wall Street
Lynching
- The story of Joseph Jett, the man falsely accused of bringing down Kidder,
Peabody & Co.
-
- Jett and
Kidder Peabody
- A series of articles on the Jett-Kidder Peabody bond trading case by Steven
Huddart, Smeal College of Business, Penn State University.
-
- GE's
Investment in Kidder Finally Pays Off
- A Wall Street story that began in the 1980s concluded in December 2000 with the
buyout of PaineWebber by the Swiss investment bank UBS.
-
Go to Part 2 of
Classic Financial Scandals
[ top ]
[ Financial Scandals Home
Page ]
[ Banking Thrillers by
Linda Davies ]
[ History of Money
]
[ Biography of Glyn Davies ]
[ Other Money links -
Past, Present & Future ]
[ Roy Davies' Home Page ]
Roy Davies - last updated 27 June 2005.