David Rundle practices all aspects of financial crime and regulatory enforcement, representing both companies and individuals. He is UK/ US dual qualified, having been called to the Bar of England and Wales and admitted to practice in New York. Predominantly he represents parties under investigation by the Serious Fraud Office, Financial Conduct Authority and Prudential Regulatory Authority.
The SFO matters on which he is currently working include the Serco fraud investigation and the Unaoil bribery probe. His work at the Enforcement Division of the FCA has allowed him to provide effective advice on regulatory investigations. He is mentioned in the Legal 500 for Financial Services (Contentious), which acknowledges that he has “an excellent perspective of the regulator”. He is particularly well-placed to represent individuals accused of misconduct which could be pursued either as a regulatory or criminal matter, such as insider dealing, market abuse and money laundering. However, he also has experience of investigations focused on system and controls breaches, whistleblowing and alleged failures to be open and cooperative with the regulator. He has represented Senior Managers under the SMCR. He regularly advises on AML and ABC compliance issues.
Prior to joining WilmerHale, he was an independent barrister predominantly acting in criminal cases for both prosecution and defense. He conducted jury trials in the Crown Court and appeared in appellate matters, both in the Court of Appeal (Criminal Division) and the Divisional Court.
He regularly acts in pro bono matters and is currently managing the firm’s Statelessness Project, in partnership with Asylum Aid.
He is a member of the Fraud Lawyers Association, the Financial Services Lawyers Association and the Criminal Bar Association.
He is a supporter of Reprieve and the Howard League for Penal Reform
Serious Fraud Office Investigations
Current and recent clients include:
- CEO investigated in connection with the Unaoil bribery probe.
- Individual under investigation in relation to Serco’s alleged fraud of the UK Government, through its contract to provide electronic monitoring services.
- An alleged co-conspirator in the EURIBOR manipulation.
- An individual in the Barclays’ capital raising investigation.
Financial Services Regulatory Enforcement
Current and recent clients include:
- The ex-Chairman of the UK arm of a foreign banking Group in relation to allegations that he failed to be open and cooperative with the PRA, by failing to disclose an anticipated US regulatory sanction.
- A senior manager of a major UK bank in relation to conflict management. The investigation raises questions around the scope and application of the SMCR’s duty of responsibility.
- The CEO of the UK branch of a foreign bank, in an FCA investigation looking into the firm’s money laundering compliance framework. The case is dual-track (both criminal and regulatory).
- A European government bond futures trader under investigation by the FCA for alleged market abuse practices (by spoofing).
- A metals derivative trader investigated for insider dealing. The matter was discontinued after interview.
- An individual under investigation by the FCA for alleged failures under Conduct Rule 2 (due skill, care and diligence) and 3 (open and cooperative with the regulator). The context of the case related to the bank’s certification processes under the SMCR. The investigation was discontinued.
- The head of the wealth and investment arm of a major UK bank, for an alleged APER 2 breach (due skill, care and diligence) in connection with his dealings with the FCA. The matter was discontinued after interview.
- Several individuals who were compelled as witnesses in an FCA investigation focused on a whistleblowing case.
- An FCA-authorised hedge fund on the regulatory implications of its controller's foreign conviction.
- Ex-members of the FSA's senior management who were interested individuals in the Bank of England's investigation into the collapse of HBOS, and the adequacy of the FSA's enforcement response.
Money Laundering Advisory
Some recent matters on which David has been asked to advise include:
- The implications of Regulation 15 of the 2007 Regulations, concerning the liability of a UK parent company over its foreign subsidiaries AML compliance.
- The scope and application of section 330 POCA (failure to disclose in the regulated sector).
- The potential liability under POCA and the Money Laundering Regulations arising from banking the proceeds of the production and sale of cannabis in countries where it is lawful.
Insights & News
BVC, Nottingham Law School, 2006
LLB, University of Nottingham, 2005
England and Wales, Barrister