Subpoena documents from Hewlett Packard in front-running scam case

5 November, 2018

bogucki - Edited

Robert Bogucki,

 

Robert Bogucki, 45, was charged over his role in a multimillion-dollar scam that defrauded Hewlett-Packard Co. for a scheme to defraud a client of Barclays through a method commonly referred to as “front-running” on January 16 2018. In September and October 2011, Bogucki misused information provided to him by HP, which had hired Barclays to execute a foreign exchange transaction related to the planned acquisition of a UK-based company. Barclays was selected to execute the foreign exchange transaction – which required the sale of 6 billion British pounds worth of options – in September 2011. The defendant and other Barclays employees assured HP and its employees that they understood the need to keep the planned transaction, which was exceptionally large, and therefore “market-moving,” confidential. Instead, Bogucki and other Barclays employees allegedly used the confidential information they received to manipulate the price of “volatility,” a metric that affects the value of foreign exchange options. During conversations with Bogucki, one Barclays trader stated that he and other traders would “bash the sh*t out of” and “spank the market” to depress the price of volatility. Other Barclays traders also discussed “hammer[ing] the market lower” in order to decrease the value of the HP’s options.

Pending Count 18:1343 & 2 Wire Fraud Affecting a Financial Institution and Aiding and Abetting(2s-7s) None
Pending Count 18:1343 & 2 – Wire Fraud and Aiding and Abetting(2-7) None
Pending Count 18:1349 Conspiracy to Commit Wire Fraud Affecting a Financial Institution(1s) None
Pending Count 18:1349 – Conspiracy to Commit Wire Fraud(1)

ORDER GRANTING DEFENDANT’S APPLICATION FOR ISSUANCE OF RULE 17(C) SUBPOENA: Granting 94 Motion as to Robert Bogucki (1). Signed by Judge Charles R. Breyer on 8/30/2018. [to subpoena documents from Hewlett Packard to aid his defence]

United States v. Bogucki (3:18-cr-00021) District Court, N.D. California

a former foreign exchange trader fired by Barclays, said that he was a ‎scapegoat. He claimed that the British bank dishonestly contrived his ‎dismissal to divert attention from its own failings related to ‘last look’.‎

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