UK - An Old Bailey jury is looking at transactions by former Morgan Grenfell fund manager Peter Young - nine years after they were first carried out.
The “trial of facts” – which was due to start in the Central Criminal Court on Wednesday in Young’s absence – will determine whether an offence was committed.
Young and fellow fund manager Stewart Amer faced trial in 1999 accused of using clients’ money to make unauthorised transactions worth more than £270m in a bid to boost their bonuses.
The alleged offences took place between August 1994 and October 1996. When Young appeared in court he dressed in women’s clothes and would only answer to the name Elizabeth. The proceedings were abandoned as the judge thought that Young was mentally unfit to stand trial.
Deutsche Bank – owner of what was Morgan Grenfell – has already paid out £400m in compensation to clients.
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