Malware sends out fake police fines in Spain

 The National Police have warned of a new ‘ransomware’ attack in Spain, where emails claiming to be sent by the National Police inform the user that they must pay a fine for accessing file sharing sites or others containing child pornography. This form of malware is a form of extortion which holds a user’s computer hostage for a ransom. The message infects the user’s computer with malware and blocks it, purportedly to prevent any further abuse. Payment of 100 € is demanded to unlock the computer. The police noted in a press release on Monday...

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UBS trader denies gambling £1.5 billion in Britain's biggest banking fraud

 Mr Adoboli, 31, east London, will go on trial accused of losing the cash while working for Swiss banking giant UBS. He spoke only to enter not guilty pleas to two counts of fraud and two counts of false accounting as he appeared in the dock at Southwark Crown Court. Adoboli, wearing a tailored grey suit and dark blue tie, sat forward in his seat and took notes as pre-trial arrangements were made. He said "Thank you, your honour" as Judge Alistair McCreath set a provisional trial date of September 3. "I remand you in custody," the judge told...

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The Abu Dhabi General Prosecution for Public Funds has ordered the detention of two Europeans and other individuals on charges of embezzlement and fraud.

  A year ago, the suspects are alleged to have started a fake project selling properties in the United Kingdom at competitive prices. They allegedly targeted UAE investors. Investigations have since revealed that the company does not have a real estate licence and that the accused defrauded 40 investors. The General Prosecution seized around Dh3 million the suspects allegedly swindled from their victims, in addition to Dh100,000 found while inspecting the fake company. Another Dh250,000 in the firm's account was also confiscated. Article...

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Asil Nadir faces £34m theft charges in biggest ever fraud trial

 The biggest ever British fraud trial begins today when Turkish-Cypriot tycoon Asil Nadir stands up at the Old Bailey to face £34million theft charges. He is accused of 13 counts of theft dating back to the 1980s from Polly Peck, his failed business empire that folded in 1990 under the weight of its £1.3billion debt. When he joined Polly Peck in the early 1980s it was an ailing textiles firm which he transformed into a FTSE 100 conglomerate that housed the Del Monte fruit business and the Sansui electronics firm. On trial: The SFO alleges...

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No one calls him Sir Allen Stanford anymore. He is inmate number 35017-183.

 On Monday, the Texas financier heads to court in Houston to battle charges that he operated a $7 billion Ponzi scheme from Stanford International Bank Ltd, his offshore bank on the Caribbean island of Antigua. By all accounts, his was a life of luxury, filled with private jets, yachts, mansions and the sport of cricket. Deemed a flight risk in June 2009 by a federal judge, the 6-foot billionaire has been in jail, sporting prison-issue green and orange jumpsuits and shackles instead of the dark, tailor-made suits he once ordered in bulk....

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Princes William and Harry fly to Spain for secret weekend hunting trip

 They bagged themselves several brace of pheasant at Sandringham over Christmas. But at the weekend Prince William and Prince Harry set their sights on bigger game. The brothers flew to Spain on Friday for a secret hunting trip to celebrate the end of Harry's advanced helicopter training. The royal pair were staying on an estate in the backwaters of rural Cordoba owned by the Duke of Westminster, Gerald Grosvenor, Britain's third-richest man and one of William's godfathers. Finca La Garganta, near the village of Conquista, on the border...

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World Bank warns emerging nations to prepare for slump

In a report sharply cutting its world economic growth expectations, the World Bank said Europe was probably already in recession. If the euro area debt crisis deepened, global economic forecasts would be significantly lower. "The sovereign debt crisis in the eurozone appears to be contained," Justin Lin, the chief economist for the World Bank, told reporters in Beijing on Wednesday. "However, the risk of a global freezing-up of the markets and as well as a global crisis similar to what happened in September 2008 are real." The World Bank predicted...

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Tax adviser guilty of fraud scheme

 A professional tax adviser from Bedfordshire has been convicted of trying to defraud honest taxpayers of £70 million, HM Revenue & Customs (HMRC) said. David Perrin spent his cut of the stolen cash on expensive second homes, exotic holidays, works of art and luxury cars, a spokeswoman said. The 46-year-old, of Leagrave, Luton, Bedfordshire, was found guilty at Blackfriars Crown Court and will be sentenced next month, she added. Perrin, deputy managing director at Vantis Tax Ltd, devised and operated a tax avoidance scheme which he...

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Top former art dealer faces 87 charges after fraud probe

 One of Australia's former leading art dealers, Ronald Coles, faces up to 10 years in jail after being charged today with 87 offences relating to an alleged multimillion-dollar investment art fraud scheme. Mr Coles, 64, was ordered to appear at Gosford police station at 10am today. Fraud Squad detectives formally charged him following an "extremely protracted and legally intricate" two-year investigation into his business affairs. Under the Crimes Act, Mr Coles was charged with 77 counts of "larceny as a bailee" and a further 10 counts of...

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Five men have been arrested on suspicion of fraudulent transactions from accounts held at Bristol-based stockbroker Rowan Dartington

 The arrests have been confirmed by Avon and Somerset Constabulary, which said that the men aged 45, 36, 49, 57 and 23 have all been bailed pending further enquiries but not charged.The arrests are in connection with high value fraudulent transactions that saw money leave accounts held at Rowan Dartington. The events are understood to have taken place prior to the management buyout headed by current chief Graham Coxell (pictured), who is not one...

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Europe Banks Hoarding Cash Resist Draghi Bid to Avoid Crunch

 Banks are hoarding the European Central Bank's record 489 billion-euro ($625 billion) injection into the banking system, thwarting attempts by policy makers to avert a credit crunch in the region. Almost all of the money loaned to 523 euro-area lenders last month wound up back on deposit at the Frankfurt-based central bank instead of pouring into the financial system, ECB data show. Banks will use most of the three-year loans to meet their refinancing needs for this year and next, analysts at Morgan Stanley and Royal Bank of Scotland Group...

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