What's happening at the Serious Fraud Office (SFO)? Two multimillion pound prosecutions have just collapsed, raising concerns about Britain's foremost fraud investigating and prosecuting body. The first case was thrown out after prosecutors used as their prime witness a man described by the presiding judge as a "liar" and a "thief". The costs involved in bringing it were almost as much as the $16m (£8.75m) the SFO claimed had been stolen in the fraud itself. This concerned allegations of a high-yield investment scam and an elaborate money laundering operation involving channelling funds through several law firms.

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