The investors – the majority of whom were Americans – fell victim to the Channel Islands’ most reported fraud involving a crooked independent currency trader and false audits of the trader’s performance.
The accountancy firm and subsidiary of UBS agreed to settle following seven years of litigation in which the plaintiffs accused Touche Ross, represented by partner Alfred Williams, of providing misleading information on the returns of the foreign exchange trader, Robert Young.
A spokesman for Deloitte & Touche in London said the firm had paid a ‘minor proportion’ of the settlement fee.
Young and Williams were convicted of fraud and misrepresentation and imprisoned for four years and 18 months respectively in 1998.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
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