Two held over alleged £50m fraud scheme

[Black Swan]

strange how the 'meeja' enjoyed the tale yesterday of the Kiwi customers that did a runner with some of Westpac's loot, (whether or not it was Westpac's, or printed via fractional reserve of a central bank is another point) and yet a £50 mil 'robbery' which could turn out to be 250mil goes relatively un-noticed. Hazard a guess that Westpac have had bigger crooks working on the inside that have fled the nest...

Two arrests in investigation into alleged £250m fraud
Two investment consultants were arrested yesterday by police investigating an international fraud involving potential losses of £250 million.

Another man is being hunted in connection with the allegedly bogus high-yield fund in which 600 investors around the world lost money.

City of London fraud squad detectives detained John Anderson, 43, and Kenneth Peacock, 40, in dawn raids on addresses in London and Surrey. They have been questioned on suspicion of conspiracy to defraud, money laundering and fraud by misrepresentation. A third suspect, who has not been named, is believed to be overseas.

The City police, the country’s lead force for economic crime investigation, has expanded its antifraud operations and cooperation with financial regulators has been stepped up


Two arrests in investigation into alleged £250m fraud - Times Online

 

[montmorencyt2w]

Relating to the first mentioned case, years ago, Peter Jones used to read a serialised fictional (we assume) story of a man who had unexpectedly found millions in his account, and swiftly moved it out and done a runner. The story took the form of letters exchanged between him and a lady in the bank, and was very amusing. He must have been somewhere without extradition but a good postal service.

 

[Andrej Germanus]

Forex scams attract customers with sophisticated-sounding offers placed in newspaper advertisements, radio promotions, or on Internet sites. Promoters often lure investors with the concept of leverage: the right to “control” a large amount of foreign currency with an initial payment representing only a fraction of the total cost. Coupled with predictions about supposedly inevitable increases in currency prices, these contracts are said to offer huge returns over a short time, with little or no downside risk.
Private Detectives