Six arrested in £430m London stock market fraud

[Mon Ami Mate]

Just appeared in a Sky news flash - this is going to really generate some hot air!

[Mon Ami Mate]

http://news.bbc.co.uk/1/hi/business/7855679.stm

Six arrested in $600m fraud case

Spanish police have arrested six people on suspicion of perpetrating a $600m (£420m) fraud on the London stock market, according to news agency AFP.

Reports suggest that the main suspect involved in the multi-million dollar fraud, which began in 2003, is among those arrested.

The six arrests were made in Madrid, Barcelona and the town of Elche in the southeast of Spain.

The London Stock Exchange were unable to confirm or deny the reports.

[Neil_H]

Mon Ami Mate said:

the multi-million dollar fraud, which began in 2003

Looks like they've been getting away with it for a while, be interested to know the details of what they were doing!

[MaxAndRuby]

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

[Neil_H]

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

[Soovy]

Must be some sweaty compliance people at LSE today!

[AJS-]

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

You're not wrong, but Pennsylvaia??? Why?

[JonX2C]

Cant find anything on Bloomberg!

[Graham]

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

Im happy to give it a go though...

[MaxAndRuby]

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

[lingus75]

If the fraudsters are convicted can't they ask for a government bail out

Whoops, just read the article.

[Neil_H]

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

Doing it over six years makes it even more difficult!

[MaxAndRuby]

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

Doing it over six years makes it even more difficult!

You've got SIX YEARS with a hundred million dollars, and you're bothered about paper trails.

A bloody cash point is a good start!

[MaxAndRuby]

AJS- said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

You're not wrong, but Pennsylvaia??? Why?

You're never going to found in Pennsylvania.

[Neil_H]

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

Doing it over six years makes it even more difficult!

You've got SIX YEARS with a hundred million dollars, and you're bothered about paper trails.

A bloody cash point is a good start!

Assuming you can withdraw $100m from a cash point in 6 years (which I'm pretty sure would be impossible) you first have to get it to an account that allows you to do that, without anyone realising where the money is coming from (assuming it's the rather obvious profits of a fraud, there's no details on where it came from).

Believe me, it's much more difficult than you think to launder that kind of money.

Unless it's a market manipulation scam or something.

[MaxAndRuby]

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

Doing it over six years makes it even more difficult!

You've got SIX YEARS with a hundred million dollars, and you're bothered about paper trails.

A bloody cash point is a good start!

Assuming you can withdraw $100m from a cash point in 6 years (which I'm pretty sure would be impossible) you first have to get it to an account that allows you to do that, without anyone realising where the money is coming from (assuming it's the rather obvious profits of a fraud, there's no details on where it came from).

Believe me, it's much more difficult than you think to launder that kind of money.

Unless it's a market manipulation scam or something.

I didn't think for one second you could withdraw £100M in readies in 6 years, I think it's about $1.1M, but that at least gives you some pocket change.

If it's impossible to make any major purchases/transfers in SIX YEARS what's the point in doing it and risking the bird at all?

[Hedders]

MaxAndRuby said:

AJS- said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

You're not wrong, but Pennsylvaia??? Why?

You're never going to found in Pennsylvania.

Does that mean no fast food deliveries?

[MaxAndRuby]

Hedders said:

MaxAndRuby said:

AJS- said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

You're not wrong, but Pennsylvaia??? Why?

You're never going to found in Pennsylvania.

Does that mean no fast food deliveries?

No, but you could survive on all the dead bodies that the mafia hide there. Allegedly.

[Mr Will]

Should have moved to Nigeria and sent it to themselves via Western Union

[Neil_H]

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Neil_H said:

MaxAndRuby said:

Surely with a hundred million dollars in your bin, a fake identity and a hideout in Pennsylvania is a doddle?

Amounts of money that large are very difficult to move around and hide without leaving a long trail of paper.

They've had six years!!!

Doing it over six years makes it even more difficult!

You've got SIX YEARS with a hundred million dollars, and you're bothered about paper trails.

A bloody cash point is a good start!

Assuming you can withdraw $100m from a cash point in 6 years (which I'm pretty sure would be impossible) you first have to get it to an account that allows you to do that, without anyone realising where the money is coming from (assuming it's the rather obvious profits of a fraud, there's no details on where it came from).

Believe me, it's much more difficult than you think to launder that kind of money.

Unless it's a market manipulation scam or something.

I didn't think for one second you could withdraw £100M in readies in 6 years, I think it's about $1.1M, but that at least gives you some pocket change.

If it's impossible to make any major purchases/transfers in SIX YEARS what's the point in doing it and risking the bird at all?

I'm not saying that's the case, only that having many millions in the bank doesn't make it easy to disappear and take it all with you.

Just looking at the news page again they're saying it was a bogus AIM company, so probably market manipulation/ defrauding investors.