London trader and wife jailed for insider dealing - Reuters UK
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LONDON (Reuters) - A British trader and his wife who helped fund a lavish lifestyle from illegal share dealing, were jailed on Wednesday in a landmark case pursued by prosecutors on both sides of the Atlantic.
James Sanders, who owned and was a director of now-defunct brokerage Blue Index, his wife Miranda and James Swallow, a Blue Index co-director, had last month pleaded guilty to a combined 18 counts of insider dealing between October 2006 and February 2008.
James Sanders, dubbed by Judge Peregrine Simon as "the driving force behind the criminality", was jailed for a record four years. Miranda Sanders - who was tipped off about imminent U.S. takeovers by her sister in America - was jailed for 10 months, as was Swallow.
The striking, sharply-dressed couple, who are both in their mid thirties and have two young children, saw their sentences cut by 25 percent after pleading guilty, although James initially argued his trades were legitimate stock picks.
They held hands while judge Peregrine Simon read out the case against them and kissed after sentencing. Miranda turned to smile and nod encouragingly at a woman in the court room's public gallery, who burst into tears on sentencing.
The Financial Services Authority (FSA), which brought the UK prosecution, said the three scooped almost 2.0 million pounds in profits from illegal share dealings, while Blue Index clients made around 10.2 million - a precursor to the Sanders' couple selling the business for around 8.0 million.
The FSA, which only started prosecuting notoriously tricky insider dealing cases in 2007 after being criticised for its "light touch" approach to regulation, had pushed for three custodial sentences despite the couple's young family.
"This was a case of systematic abuse by approved people of their privileged position in the market - we are determined to stamp out such abuse," said Tracey McDermott, acting head of enforcement at the Financial Services Authority (FSA).
"No doubt as they prepare to spend their first night behind bars, they will be reflecting on the consequences of their greed. Others, who might be tempted to do the same, should be in no doubt about our continued commitment to use all of the tools at our disposal to tackle those who abuse the market."
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The FSA was first alerted to possible insider dealing after spotting unusually heavy trade in U.S.-listed staffing services company Kronos ahead of its takeover by private equity house Hellman & Friedman Capital Partners in 2007.
Calling on the Securities and Exchange Commission (SEC), its U.S. peer, the regulator eventually pieced together the links between the Sanders couple and Miranda's San Francisco-based sister and brother-in-law, an M&A partner at accountancy firm Deloitte, "Annie and Arnie" McClellan.
In a tortuous case that involved trawling through 26 million emails and 800,000 phone calls recorded on Blue Index's office lines, regulators focused on dealings in five takeover targets: Kronos, Per Se, aQuantive, ChoicePoint and Getty Images.
McDermott told a journalist briefing there were "whoops of joy" in the FSA's offices when in one recorded telephone call, James Sanders' father Tim asks: "Is this not insider dealing?" James answers: "No, not really. Well ...". When his father laughs and says: "Try proving it", James says: "Yes, exactly".
A consummate trader, James Sanders told a newspaper in 2008 his mantra was: "Buy at the point of maximum fear" after snapping up a 5 million pound property in London's exclusive Kensington district for a 22 percent discount at the height of the credit crunch.
The FSA found what they called his "life plan" in his kitchen, in which he documented his plans to pay off his mortgages and luxury cars and resign from Blue Index by placing one 200,000 pound tip a year.
In a scribbled account, he put aside 100,000 pounds for a "car fund" and 50,000 for a watch, clothes, holidays and wine.
Blue Index was a specialist brokerage of contracts for differences (CFD), a tax-efficient trade that allows dealers to speculate on short-term price fluctuations of assets such as stocks by buying a percentage of their value, or "margin".
The FSA said the insider in the case was Miranda's brother-in-law Arnold McClellan, a senior partner at the San Francisco branch of Deloitte. It said Miranda's sister Annabel or Arnold leaked privileged, price-sensitive information to the British couple about U.S. securities listed in New York.
James Sanders then disclosed information to James Swallow and encouraged Blue Index clients to trade in those stocks.
Annabel McClellan has already been jailed for 11 months without parole and fined $1.0 million after being pursued by the SEC, Department of Justice (DoJ) and Federal Bureau of Investigation (FBI). No charges were brought against Arnold, who has now retired.
James Sanders, meanwhile, has been forced to park the Ferrari and has been disqualified as a director for five years. The court will decide on confiscation orders at a later date.
The FSA, which said it spent "millions" on pursuing the Blue Index case, is prosecuting 11 others for insider dealing - an offence that carries a maximum jail term of 7 years in the UK.
"This case really does demonstrate the FSA's determination to deliver criminal prosecutions for insider dealing," said Tim Dolan, a lawyer at Pinsent Masons.
"While the FSA have still brought relatively few criminal actions, and have not always been successful, results like this should go some way to deterring insider dealing in the future."
(Editing by Douwe Miedema and Jon Loades-Carter)
London stung by U.S. attack on bank regulation record - The Guardian
London Olympics 2012: Thames cable car will be open by the end of June - Daily Mail
- Emirates Air Line to open to public at midday on June 28
- TfL say 'frequent flyer' tickets will cost 16, while single adult cash fares will cost 4.30
- Single ride will cost almost 1 per minute for those without Oyster Card
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The London cable car which will fly Olympic spectators over the Thames will open before the end of this month, Transport for London said today.
Transport chiefs have also revealed the pricing structure for the Emirates Air Line - saying it will cost some spectators as much as 16 to buy tickets for the 1.1km river crossing on the 50m cable car.
Transport for London said the cable car will open to the public at midday on June 28 - almost a month before the start of the Olympics themselves on July 27.
The Emirates Airline seen against the backdrop of the Gherkin, one of London's most famous landmarks
Cabins are tested high above the O2 arenas, formerly the Millennium Dome, and the River Thames in London
During the test drives the gondolas were filled with workers to see how the system would cope with passengers
The month-long period before the Olympics will see transport bosses recoup as much as possible of the rumoured 50m cost of the Emirates Air Line.
A 'frequent flyer' ticket for the cable car costs 16, while a one-off, single adult journey costs 4.30 for those who don't have an Oyster Card.
The cost of a single ride for non-Londoners and tourists, most of whom won't have Oyster travel cards, equates to around 1 per minute for the five-minute ride from Greenwich to the Royal Docks.
The Emirates Air Line will link between the 02 Arena in Greenwich and the ExCel exhibition centre, carrying 2,500 people an hour.
The frequent flyer ticket gives tourists 10 journeys at the cost of 16.
A single, adult, pay-as-you-go fare with an Oyster Card will cost 3.20, while a cash ticket for those aged 15 or under will cost 2.20 and the fare will be 1.60 for those using Oyster cards.
The cables run high above the skyscrapers of Canary Wharf giving the passengers excellent views of the City
Shuttles: The 34 gondolas will be able to take 2,500 passengers an hour
Riders will also be able to make a non-stop round trip on the cable car, with views of the City, Canary Wharf, the Thames Barrier and the Olympic Park, at a cost of 6.40 with Oyster.
TfL say passengers with a Travelcard or other Oyster cards (including Freedom Passes) will be able to fly for the same fare but will need to buy a boarding pass from ticket offices or vending machines at either end of the route.
It was feared that the network would be not be finished in time for the start of the Games on July 27 but an application for final approval has been received by Transport Secretary Justine Greening.
It means that spectators will be able to use the cable cars to travel between two of the Games venues - the 02 Arena on the south bank of the Thames and the ExCel exhibition centre in east London.
The Emirates-sponsored transport will be the first urban cable car system of its kind in the UK.
The gondolas, which will travel 160 feet above the river, are due to be an eye-catching feature, but are also seen as a vital cross-Thames link in east London and part of the drive to regenerate the local economy.
There will be 34 gondolas carrying 2,500 passengers an hour across the river between Greenwich Peninsula and the Royal Docks in just five minutes.
Workers sit in gondolas as they perform tests on the new cable car link across the River Thames in London earlier today
The gondolas link the Greenwich Peninsula to the Royal Docks
Mayor Boris Johnson previously said of the Emirates Air Line: 'Gliding serenely through the air across the Thames will provide a truly sublime, bird's eye view of our wonderful city.
'This innovative airborne travel link will be a vital component in the ongoing renaissance of a vibrant easterly quarter of the Capital, providing a much-needed river crossing.'
The consortium to build and operate the cable car was led by Mace, whose past projects include the London Eye and the Shard Tower in London.
The cost of the cable car was originally estimated at around 25m and it was intended to be funded entirely by private investors.
But, despite a 10-year sponsorship deal with the Dubai-based airline Emirates worth 36m, public money was needed to make up the shortfall.
London now joins cities including Barcelona, Cologne, Hong Kong, Lisbon, New York and Singapore which all operate cable car systems.
London 2012: Jazz Carlin & Ieaun Lloyd's last Olympic individual shot - BBC News
Welsh swimmers Jazz Carlin and Ieuan Lloyd have sealed places in their final trial as both aim to secure individual Olympic places at London 2012.
Carlin failed in her 400m freestyle bid in March's trials before pulling out from the 800m because of illness.
The British Championships is her last chance in the 200m but Carlin needs a time of one minute 58.33 seconds in Tuesday's final for a qualifying shot.
Lloyd wants Team GB's second Olympic 400m freestyle spot from his final.
But fellow Welshman Alfie Howes is the fastest qualifier for Tuesday's final in Sheffield as the Cardiff swimmer recorded a time of 3:55.32.
Lloyd, who has already secured a place in Team GB's 4x200m Olympic freestyle relay team, won his heat in 3:57.81 minutes.
But the teenager must hit the Team GB Olympic qualifying time of 3:48.92 at Ponds Forge to join Robbie Renwick in the 400m team at London 2012.
Long-distance specialist David Davies, the double Olympic medalist, is the third Welshman in Tuesday's 400m freestyle final.
Carlin, meanwhile, was eighth fastest qualifier for Tuesday's 200m freestyle final in a time of 2:02.50.
But the Commonwealth Games 200m silver medalist must lower her personal best of 1:59.89, achieved in 2008, by more than a second in the 10-woman final if the Swansea-based swimmer is to join Rebecca Turner in the 200m Olympic team.
And Carlin, a world and European relay bronze medalist, must swim quicker than 1.59.47 to have a chance of Olympic qualification in the 4x200m.
Welsh record holder Georgia Davies, who has already qualified for the Olympics, cruised through her 100m backstroke heat in 62 seconds.
Davies also finished second to fellow Welshman Thomas Haffield in the second heat of the men's 200m butterfly to qualify for the 10-man final.
If Carling does qualify, she will join fellow Welsh swimmers Georgia Davies Jemma Lowe , David Davies and Lloyd in the British Swimming team for London 2012.
Drive across Sweden marks centenary - harboroughmail.co.uk
A VINTAGE car enthusiast took part in 1,000km drive across Sweden in a 100-year-old Vauxhall.
Andrew Duerden, of Great Glen, took part in the event which saw the Vauxhall Prince Henry model driven from Gothenburg to Stockholm and back to mark the centenary of the Swedish Reliability Trial.
Mr Duerden, who is Vauxhall’s archivist, shared the driving with Alisdaire Lockhart, the owner of the car.
Kay Mordza, of the Swedish Vauxhall Owners Club, who arranged the journey, partnered them on the event.
Mr Duerden said: “The car never missed a beat and averaged over 40mph for the entire event, cruising at 55mph on open roads, and achieving 30miles per gallon.”
The journey traced the route taken by Percy Kidner in 1912.
Driving the same Prince Henry vehicle, Kidner, who was Vauxhall’s managing director, was the fastest entrant in the event. He even incurred penalty points by arriving too early at checkpoints.
The 2012 team were able to visit many of the points from the original route during their journey.
Mr Duerden said the team’s long and painstaking reconstruction of the car to the same specification as the 1912 vehicle paid dividends during the event, with a reliable and speedy performance. He also paid testament to Kidner’s 1912 endeavours.
“We were lucky to have decent, asphalt roads and good weather. Kidner had snow covered surfaces with extremely chilly conditions which make his achievements even more astonishing.”
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Print this pageLondon 2012: Diagnosis boost for Sanya Richards-Ross - BBC News
Five years ago, Sanya Richards-Ross emerged from the US national trials beaten, confused and diagnosed.
The reigning Female World Athlete of the Year, Richards-Ross went to Indianapolis as most experts' first name on the American team sheet for the 2007 World Championships. But the US trials are notoriously tense, and favourites do falter, particularly when they are not in peak condition.
That was certainly the case for Richards-Ross. What was unusual - and frightening for the Jamaican-born sprinter herself - was the nature of her problem.
This was no muscle strain, the world's best 400m runner was covered in skin lesions, her joints ached and the inside of her mouth was so ulcerated that it hurt to drink water. To make matters worse, a deep fatigue set in as she progressed from the qualifying round to semi-final to final.
Richards-Ross on Ohuruogu
I think it's a rivalry. Christine Ohuruogu won the big one. If I won 10 and she's won one, she's won the one that matters the most - I think that carries enough weight to make it a rivalry. She's a very talented athlete and shows up when it counts. That puts a lot of pressure on everybody else in the field as you never know what race she's going to come with. I'm looking forward to racing her again and I know she's looking forward to it too - it will be great for the fans.
That she managed to come fourth, missing qualification for the individual event by one place, is a testament to her consistency over the one-lap distance. But Richards-Ross could not wait to get out of the trials and find out why she was afflicted with these mysterious symptoms.
A new doctor provided the answer, treatment started and things improved. As a result, she was able to take her place in the 4x400m team at the Worlds, adding a second relay gold to the one claimed as an 18-year-old in 2003.
Richards-Ross was running fast again but she was now officially a Behcets syndrome sufferer.
A rare, chronic disease that involves the inflammation of blood vessels all over the body, Behcets can cause serious skin problems, arthritis and meningitis: it can also affect memory, speech and movement.
Richards-Ross never made much of her struggles with it - she wore long sleeves and body make-up when the lesions appeared - but she would occasionally be too tired to train.
Despite this, she did not want to use the condition as an excuse for her failures to turn season-long domination of the 400m into individual gold medals at the year's biggest championships: those 2007 Worlds, the 2008 Olympics and again at the Worlds in 2011.
"As an athlete you never want to blame anything other than saying you didn't execute well on that day," the 27-year-old told me in Dallas last month.
"But if there was ever a time when it affected my performance it was at (the trials) in 2007, I just didn't feel right. I got worse from round to round and I left straight after to see a doctor because I felt so bad. That's when I got diagnosed.
"But after that I felt I had it pretty much under control. There might have been a few times when I couldn't prepare as well as I might have but for the most part it was just not executing on the day, the pressure, or wanting it too badly. I blame those things more than the disease."
There was one other reason why Richards-Ross was reluctant to blame Behcets: she did not believe she really had it.
As a leading light in track and field, and being married to NFL star Aaron Ross, Richards-Ross was arguably the most famous American afflicted with the disease, so she was often approached by other sufferers.
"A lot of people with Behcets reached out to me, and when we talked about our symptoms I felt I didn't have what they had," she explained.
"And the more research I did, the more I thought 'this can't be right, it doesn't fit'.
"So I kept searching until this year I started working with a new doctor, and he doesn't think I have it.
"He thinks it's a treatable skin disease and I've been doing a lot better. I don't get the fatigue or joint pains nearly as much and the lesions and ulcers are better too.
"I'm excited that it's behind me, but it was definitely a tough time."
To say Richards-Ross is "doing a lot better" on the track is hard to measure until we see how she deals with the extra demands that a major championship places on body and mind. The 27-year-old has been churning out world-leading times since 2005 but only had one individual gold medal to show for it - the 2009 Worlds - before this season.
And while few current athletes have won so many one-off races on the annual circuit, it is defeats to the likes of Bahamas' Tonique Williams-Darling at the 2005 Worlds, Britain's Christine Ohuruogu at the 2008 Olympics and last year's seventh-place finish in Daegu that stand out.
This year's Richards-Ross does look different, though.
Once again, she tops the time charts for 400m, but she is also quickest over 200m, setting a personal best of 22.09 in New York earlier this month.
And she added another individual gold medal to her tally in March, winning the 400m at the World Indoors. This revealed a new approach to a championship season, as she had not even run an indoor 400m for the previous six campaigns.
So, one of sport's most dominant athletes looks set, once more, to translate her undeniable class into something truly memorable. She will return to the US national trials on Sunday, once again looking to establish herself as the best in the world this summer. This time, however, she is healthy.
The women's 400m race at London 2012 could be the most delayed coronation in recent track and field history.
Try Ascot - in London - The Sun
A London restaurant is running its very own day at the races on Sunday June 23.
The Plough Bar and Kitchen in Clapham, will show all the races on a big screen, from 2.30-5.30pm
So dust off your best suit, fasten your fascinators and jockey for a prime position to watch the dramatic climax, the Diamond Jubilee Stakes, through a pair of Veuve Clicquot sunglasses - free with every bottle of bubbly bought.
Call 020 7585 1844, email ploughevents@youngs.co.uk, or see theploughstjohnshill.co.uk.
ADD mystery to a camping trip by booking one of the new Wild Comfort mobile camping sites in Devon – whose locations are kept secret.
The luxury sites pop up at various locations in the South Hams and exact addresses are only given when booking.
But they are all close to beaches and rivers, the wilds of Dartmoor and the charming towns of Totnes, Kingsbridge, Dartmouth and Salcombe.
They are made up of five sleeping tents, one living room tent, kitchen and hot showers – and you can ask for the kitchen to be stocked on arrival. Prices are from £650 for eight people for one week with short breaks also available from £500. See oneoffplaces.co.uk.
BRITS driving abroad show a worrying lack of regard for road safety.
Twenty-seven per cent are less concerned about breaking speed limits, and 18 per cent take drink-driving less seriously than at home, according to an AXA poll.
And only 49 per cent slap a GB sticker on their vehicle abroad, even though it is required.
IF you need vaccines when abroad. it pays to shop around for the best deal.
There were some large differences in prices at clinics nationwide, when
the appointment and administration fees were added in, research by Airport Parking & Hotels (APH.com) found.
Across the seven clinics surveyed, Doctor Today was the dearest – charging £105 for the cholera inoculation and £63 for rabies.
In contrast, Well-Travelled Clinics charges £30.95 and £61.99 respectively.
The Hospital for Tropical Diseases had the cheapest rabies vaccine of those polled, at just £42.
For a full list of costs see aph.com/travelvaccines.
VISITORS to London will soon be able to get wi-fi while on the Tube.
London Underground have teamed up with Virgin Media to get 120 stations connected by the end of the year.
The first batch of stations are set to get online in July and include Oxford Circus, Camden Town, London Bridge and King’s Cross.
DESPITE the best efforts of the various UK tourist boards this year, it seems as though the days of the staycation could be over.
Research by M&S Money reveals staying in the UK can be 25 per cent more expensive than going abroad.
The cost of a week in London, for those wanting to celebrate the Jubilee and the Olympics in the capital, will set Brits back £1,631, compared with an average £1,298 for a sunny holiday overseas.
Stats from online travel agent On The Beach back up the findings – they have seen a massive increase in bookings for this summer with Spain again leading the way.
Tenerife topped the list of destinations with a year-on-year boost in bookings of 60 per cent, closely followed by Majorca which has increased by 90 per cent.
With hoteliers in Greece slashing prices by some 15 per cent and the low rate of the euro, bookings to the crisis-torn country have risen by 55 per cent. Alistair Daly, marketing director at On The Beach said: “With Britain focusing on the Queen’s Jubilee and the Olympics the UK will be saturated with tourists.
“Our data shows that Brits have chosen to avoid these crowds and take advantage of the reduction on family holidays and guarantee themselves a bit of sun.
“Staycations have taken a back seat in 2012.”
A NEW travel tribe is on the rise – OATs, or Old Age Travellers.
Gatwick Airport polled 1,000 travellers over the age of 70 and found 56 per cent were travelling more now than they did when they were younger.
The airport has now launched a search to find Britain’s oldest traveller.
If you think that’s you, or want to nominate someone, email proof of date of birth, a photo and a line about a favourite travel experience to ukoldesttraveller@gatwick-airport.com before June 29.
This is excellent news!
- Jumping Jack Flash, Morden Surrey, 20/6/2012 16:40
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