Michael E. Ruck

Advised on the application of various sanctions regimes (including US, EU, and UK) in relation to the application of financial sanctions and AML requirements. This has included complex and time-sensitive advice due to the potential risks and quickly developing sanctions restrictions. We have been instructed to conduct a sanctions and AML review of various entities, including those in the United States, European Union, Caribbean, and Middle East.

Instructed by a former CFO in connection with his alleged criminal conduct whilst working at a FTSE-listed UK IT service provider, in the accounting periods leading up to the 2016 interim and year-end results. Our client faced 11 charges, broadly in relation to fraud, the falsification of internal records, the falsification and supply of particular accounting records to auditors, and the joint making of false statements to the financial markets and investors. This includes one of the Financial Conduct Authority’s first-ever prosecutions under s.89 Financial Services Act 2012, making the work on this matter pioneering and especially complex. In 2023, also advised the client on confiscation and costs proceedings at Southwark Crown Court. This involved preparation of his defence and successfully reducing the total payment sought by the FCA by approximately 50%. The advice also involved preparation for a criminal trial at Southwark Crown Court lasting approximately four months, following a four-year investigation and ongoing post-trial matters.

Conducted an internal investigation into allegations of board-level misconduct, including bullying, harassment, and intimidation, for a global entertainment provider. Involved allegations against senior individuals who were decision makers within the business but not permitted to be part of the investigation process. This created a high degree of complexity in providing the client an investigation report actionable by senior members of the business but without some of those senior members prejudicing the report's findings. This included a multijurisdictional process of interviews, exercise of legal privilege, and judicious use of anonymity within the findings.

Defended the former director of a UK wealth management company from investigation and subsequent regulatory sanction by the Financial Conduct Authority for alleged failures relating to defined benefit pension transfers made by an independent financial adviser for whom our client had legal supervision responsibilities. In 2023, the FCA concluded its investigation and issued a warning notice against our client summarising the proposed sanction for his alleged failings. The team advised our client in relation to his options, response, and represented him in an appeal of the warning notice before the Regulatory Decisions Committee (an enforcement review of the FCA). After this hearing, the FCA issued a decision notice - this details the sanction the FCA intend to make public. We conducted a detailed analysis and assessment of the claims in the decision notice, and with the support of counsel advised our client on their strength and on his options to block the publication of the notice and appeal the decision. In January 2024, issued an appeal on behalf of our client to the Upper Tribunal and prepared his defence.