This is a story of greed and corruption.
It has taken place on the floor of a London Derivatives Trader used by ordinary people who are investing savings or a pension in currencies.
Before I posted this blog, I have sent a Barrister's statement of case, a CD with a transcript of recorded conversations and the technical analysis of email traces to Hector Sants at the FSA and Detective Superintendent David Robertson, at the fraud desk of the Economic Crime Directorate. They have both received their copies hand delivered this morning.
I have retained a separate copy of the documents for one reputable financial journalist, or blogger, should any be interested.
The Trader I have reported trades not in the City of London area, known as the square mile, but on a London street normally associated with up market shopping.
Via a duplicitous manner, someone from the floor of this trader obtained the password for a clients dormant email account. They then sent emails backwards and forwards, without the client’s knowledge, every day instructing themselves to buy and sell losing the client a vast amount of money. I also have evidence that false values of currencies were recorded at the end of each day in order to hide huge and vast client losses.
The technical evidence shows that all the emails were generated and sent to and from one server in the trader’s office.
The trader’s management at first blamed a ‘rogue’ trader, who is named in the documents, however; secretly recorded conversations with the management clearly identify that he was not the only person involved.
Over £70,000 has so far been spent in trying to bring this case to court; however, it now needs to go forward to the International Court of Arbitration subject to a contractual agreement between the company and the former client, owner of the computer falsely accessed, this will cost another £30,000 which is not available.
The depressing thing is that upon further investigation, the management of this company originated from a company that had already been investigated in the past when trading under the name Square Mile Securities, by the FSA. Square Mile was fined a reduced amount due to their own financial difficulties, closed down and the bulk of the management and staff became employees of the trading company I am now reporting.
I am making this case known on behalf of someone else as my concern is that as long as it takes to reach a legal solution, others may be suffering the loss of their life savings at the hands of a company I believe to possibly be corrupt through to its very core.
If a financial journalist or blogger would like a copy of the statement which identifies all parties fully, please call my office.