Search results
Results from the WOW.Com Content Network
On 14 August 2007 the FSA disclosed concerns about the UK mortgage bank Northern Rock, which relied heavily on such markets in its funding model, to HM Treasury and the Bank of England. On 13 September the BBC reported that Northern Rock had been granted emergency financial support by the Bank of England in its role as lender of last resort ...
Andrew Lo, MIT Professor of Finance The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating ...
On January 16, 2009, the United Kingdom Serious Fraud Office uncovered an £80 million buy-to-let property fraud scheme operating under a company called Practical Property Portfolio in which at least 1,750 investors were conned out of £25,000 each in return for a promise of a house in the North East of England. All five directors—John Potts ...
The Bank of England is reviewing rules that limit the amount someone can borrow and the amount of high loan-to-value mortgages that can be offered. Bank of England mortgage review could give first ...
Sheikh Zayed (77%) The Bank of Credit and Commerce International (BCCI) was an international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier. [1] The bank was registered in Luxembourg with head offices in Karachi and London. A decade after opening, BCCI had over 400 branches in 78 countries and assets in excess of US$ 20 billion ...
Loughton incinerator thefts. The Loughton incinerator thefts occurred between 1988 and 1992 at the Bank of England 's incinerator plant at Debden in Loughton, Essex – four employees of the plant stole more than £ 600,000 in a series of regular thefts. The four participants and their spouses were arrested in 1992, with only one being ...
A second bank rescue package totalling at least £ 50 billion was announced by the British government on 12 January 2009, as a response to the then-ongoing Financial crisis of 2007–2008. The package was designed to increase the amount of money that banks could lend to businesses and private individuals. This aid came in two parts: an initial ...
Appearance. Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [ 1 ] In many instances, bank fraud is a criminal offence.