UK's Fraud Office Misfires In Search Of Major Prosecution

Law360, New York (June 18, 2012, 7:06 PM EDT) -- The much-maligned U.K. Serious Fraud Office suffered another embarrassment Monday when it was forced to drop its flawed investigation into real estate mogul Vincent Tchenguiz, putting pressure on an agency already struggling to rehabilitate its image.

In February, the SFO admitted it had used "unintentionally miscast" information to obtain search warrants against Tchenguiz during its investigation into the 2008 collapse of Iceland's largest bank, Kaupthing Bank HF. The agency believed Tchenguiz and his brother Robert had illegally profited from the bank's implosion.

Vincent and Robert Tchenguiz...
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