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SFO closes Forex investigation

15 Mawrth, 2016 | Case Updates

The Director of the Serious Fraud Office has today closed the SFO’s investigation into allegations of fraudulent conduct in the foreign exchange market (Forex).  This decision follows a thorough and independent investigation lasting over one and a half years and involving in excess of half a million documents.

The SFO has concluded, based on the information and material we have obtained, that there is insufficient evidence for a realistic prospect of conviction.  Whilst there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence contrary to English law.  It has further been concluded that this evidential position could not be remedied by continuing the investigation. 

Notes:

  1. The investigation commenced in July 2014 following the referral of material to the SFO by the Financial Conduct Authority (FCA).
  2. The SFO continues to liaise with the US Department of Justice (DoJ) over their ongoing investigation. The SFO is grateful for the engagement of partner agencies both domestically and overseas in progressing our investigation – they include the UK’s FCA, the Competition and Markets Authority and the City of London Police, as well as the DoJ and Australian Securities and Investments Commission.