FCA allegedly investigating Toto Wolff
Discussion
Canadian Journal de Montreal is reporting that Toto Wolff is under investigation by the Financial Conduct Authority (FCA) in regard to his purchase of shares in Aston Martin. Wolf purchased shares in AM shortly before Mercedes-Benz AG purchased a 20% stake in AM which resulted in a significant increase in the share price. If Wolff was aware of the impending MB buy-in, the likely impact it would have on the share price and bought his own stake using that knowledge then it could be deemed to be 'insider trading'.
The Federal Financial Supervisory Authority (BaFin, the German equivalent of the FCA) have been investigating since November and have passed their findings to the FCA.
The Federal Financial Supervisory Authority (BaFin, the German equivalent of the FCA) have been investigating since November and have passed their findings to the FCA.
Perhaps if he was systematically carrying out such transactions they could prove a trend that would suggest he had inside knowledge...
But a single transaction? Even if they can prove he was in touch with people that could have tipped him off at Merc, that doesn't prove they did. Unless they have a record of him being 'tipped off', but if they had that, I'm guessing they wouldn't have taken this long to pass the case to the FCA.
Of course, he probably was aware of the planned share purchase by Merc, he's probably aware of all sorts of things given his friendships and connections... So, technically guilty but technically impossible to prove..?
Toto’s an experienced financier, he’ll be well aware of the rules surrounding privileged information and share dealing.
I suspect this is the Germans on a fishing expedition, but it all depends on meetings, emails and precise timelines. Toto’s not on the main M-B board which would have made the decision - so unless someone gave him a tipoff after the meeting but before it was announced to the stock market, he is probably in the clear.
It’s also possible that AM sought his investment, as part of the same deal that saw M-B investing.
I suspect this is the Germans on a fishing expedition, but it all depends on meetings, emails and precise timelines. Toto’s not on the main M-B board which would have made the decision - so unless someone gave him a tipoff after the meeting but before it was announced to the stock market, he is probably in the clear.
It’s also possible that AM sought his investment, as part of the same deal that saw M-B investing.
thegreenhell said:
Carlososos said:
The proper rich like toto don’t get caught for stuff like this. Even if he was captured he has the money to get away with it.
No rich person has ever been caught or prosecuted for a financial crime. Righto.Or if you're Bernie Ecclestone, you're so rich you can tie HMRC in knots - to the extent they start by demanding £1.2bn but end up settling 9 years later for £10m. At the same time he was pretty much bang to rights on a bribary trial in Germany, which he simply paid off rather than worry about having a criminal record or any form of punishment.
thegreenhell said:
Carlososos said:
The proper rich like toto don’t get caught for stuff like this. Even if he was captured he has the money to get away with it.
No rich person has ever been caught or prosecuted for a financial crime. Righto.Carlososos said:
How many rich went to jail for causing the financial crisis? When was the last time you heard of a proper rich bloke getting in proper trouble for any financial wrongdoing? The rich are in charge so they don’t do jail time. We hear about stuff quite often but nothing happens. Tax evasion which everyone with money is at all the time, The Tupperware bloke that won a massive covid contract Cus he was best pals with one of the governments main secretary’s, no one goes to jail for financial crimes unless your poor and have fiddled the state of a few grand but if your rich and evade millions in tax your just a clever man.
You don't get the tax rules, tax avoidance is just applying the rules, it isn't cheating, we all work within the same rules however some employ people with much better knowledge of the rules than you.
Carlososos said:
thegreenhell said:
Carlososos said:
The proper rich like toto don’t get caught for stuff like this. Even if he was captured he has the money to get away with it.
No rich person has ever been caught or prosecuted for a financial crime. Righto.Carlososos said:
How many rich went to jail for causing the financial crisis? When was the last time you heard of a proper rich bloke getting in proper trouble for any financial wrongdoing? The rich are in charge so they don’t do jail time. We hear about stuff quite often but nothing happens. Tax evasion which everyone with money is at all the time, The Tupperware bloke that won a massive covid contract Cus he was best pals with one of the governments main secretary’s, no one goes to jail for financial crimes unless your poor and have fiddled the state of a few grand but if your rich and evade millions in tax your just a clever man.
The vast majority do tax avoidance which is perfectly legal. Many people (and large sections of the media) never seem to understand the difference.Why would people go to jail for the financial crisis? Do you understand the causes of that? The root causes were the same as tax avoidance. Perfectly legal measures designed to get around the ridiculous capital adequacy rules that where then poorly applied to financial instruments they were never designed for. If people are going to be put in jail for making poor decisions at work then we're going to end up with half the working population or more in jail.
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