Broker cleared of fraud plot charge

STOCKBROKER Eric Langaker has been cleared of conspiracy to defraud. Langaker, 38, who worked for Fiba Nordic Securities, was acquitted by a jury at Kingston Crown Court.

He had been accused of concealing cross-holding share structures of Luxembourg companies and other matters from the investors and regulators of Morgan Grenfell funds.

The case followed a Serious Fraud Office investigation into Morgan funds managed by Peter Young. It was alleged that Young used Luxembourg companies to invest in stocks which, if held directly, would have breached regulations.

Stewart Armer, formerly of Morgan, was earlier cleared of related offences. Charges against Jan Helge Johnsen were dropped on the grounds of ill health.

Young was found unfit for trial on mental health grounds. A trial of the facts will establish whether or not he did what was alleged.