This subject is highly relevant right now as a potential fraud has emerged at mobile phone software provider Globo (GBO: 28p) and one that the Serious Fraud Office (SFO) and City of London Police have to investigate. Not only that, but there has been an apparent case of market abuse by Globo's chief executive, Costis Papadimitrakopoulos, and breaches of the London Stock Exchange rules governing companies listed on the Alternative Investment Market. This prompted me to contact the Financial Conduct Authority (FCA) which governs insider trading and market abuse on the London Stock Market. Subsequent to those discussions on Monday this week the company is now under investigation by the FCA.
Globo's business unravels