'Hound of Hounslow' trader accused of helping trigger a multi-billion-dollar Wall Street crash hires American lawyers in a bid to avoid extradition - and a possible 380-year jail term

A trader nicknamed 'The Hound of Hounslow' after he was accused of helping trigger a multi-billion-dollar Wall Street crash could face extradition to the US.

Navinder Singh Sarao has enlisted the services of American lawyers as he faces up to a potential trial in the country where he could be handed a 380-year jail sentence.

Sources close to Sarao said he had added to his British legal team ahead of an appeal in the High Court on October 14, where he will fight a March ruling saying he could be sent to stand trial in the US. read more »

Libyan wealth fund hampered by power struggles, sanctions

Last month, the U.N.-backed Government of National Accord appointed a steering committee tasked with overseeing the fund, including its $3.3 billion claims in London courts seeking to recover funds from Goldman Sachs and Societe Generale. read more »

Cognizant Tumbles as President Leaves Amid Investigation

Cognizant Technology Solutions Corp. tumbled the most in more than four years after a key executive left abruptly amid revelations of an internal investigation into whether some payments in India violated the U.S. Foreign Corrupt Practices Act.

Gordon Coburn, who had been at Cognizant for two decades and most recently served as its president, resigned earlier this week, the Teaneck, New Jersey-based company said in a filing Friday.The probe is focused on a small number of company-owned facilities, the company said without elaborating. The stock fell 15 percent to $46.73 at 11:04 a.m. in New York after earlier dropping as much as 17 percent read more »

U.S. Supreme Court to weigh reach of insider trading law

The U.S. Supreme Court is set to consider this week a closely watched insider trading case that could limit the ability of prosecutors to pursue such charges against hedge fund managers and other traders.

The eight justices, who open their 2016-17 term on Monday, will hear arguments on Wednesday in the case of an Illinois man, Bassam Salman, who prosecutors said made nearly $1.2 million trading on inside information about mergers involving clients of Citigroup Inc, where his brother-in-law worked.

It is the first time in two decades that the Supreme Court has taken up a case involving insider trading, a crime that the U.S. Congress has never defined and has left the courts and the Securities and Exchange Commission to shape. read more »

Texas businessman Wyly strikes $198 million deal with SEC

Texas businessman Sam Wyly has agreed to pay $198.1 million to resolve claims by U.S. securities regulators that he engaged in a long-running securities fraud to hide trades in companies he controlled using offshore trusts, according to a court filing.

According to papers filed by the U.S. Securities and Exchange Commission on Friday in Manhattan federal court, Wyly is also in talks to resolve tax claims by the Internal Revenue Service after he was ordered to pay $1.11 billion. read more »

Judge throws out three FDIC lawsuits over soured mortgage debt

A federal judge has thrown out FDIC lawsuits against Citigroup Inc, Bank of New York Mellon Corp and U.S. Bancorp to recoup some of the more than $695 million that the regulator said it lost by selling soured mortgage debt once owned by a failed Texas bank.

In a Friday night decision, U.S. District Judge Andrew Carter in Manhattan said the FDIC, the receiver for Austin-based Guaranty Bank, lacked standing to sue after selling the debt in question through a March 2010 resecuritization transaction. read more »

Yahoo hack may become test case for SEC data breach disclosure rules

Yahoo's disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcomings in U.S. rules on when cyber attacks must be revealed and their enforcement.

Democratic Senator Mark Warner this week asked the U.S. Securities and Exchange Commission to investigate whether Yahoo and its senior executives properly disclosed the attack, which Yahoo blamed on Sept. 22 on a "state-sponsored actor."

The Yahoo hack could become a test case of the SEC's guidelines, said Jacob Olcott, former Senate Commerce Committee counsel who helped develop them, due to the size of the breach, intense public scrutiny and uncertainty over the timing of Yahoo's discovery. read more »

Hospital Chain Will Pay over $513 Million for Defrauding the United States and Making Illegal Payments in Exchange for Patient Referrals; Two Subsidiaries Agree to Plead Guilty

A major U.S. hospital chain, Tenet Healthcare Corporation, and two of its Atlanta-area subsidiaries will pay over $513 million to resolve criminal charges and civil claims relating to a scheme to defraud the United States and to pay kickbacks in exchange for patient referrals read more »