From Agence France Presse:
MADRID (AFP)–Spanish police said Wednesday they had arrested six people suspected of involvement in fraud totaling $600 million on the London stock market.
The main suspect in the fraud, which began in 2003, is amongst the six people who were arrested in Madrid, Barcelona and the town of Elche in the southeast, they said in a statement.
That’s it for now. Thoughts?
Update @ 11:20GMT:
The British company was suspended from trading on the London Stock Exchange’s AIM market in 2005, when the fraud investigation began.
Bleh.
Update @ 11:31GMT
We’re told that the company in question is Langbar International. For those that remember, Langbar was at the centre of a £350m fraud back in 2005, involving fake multimilllion dollar Brazilian bank accounts, dodgy Argentine public works schemes and a pump and dump strategy on the stock.
It also seems that it is the UK’s Serious Fraud Office who are ultimately behind the arrests – it was their investigation from which the suspects appear to have absconded.