The Serious Fraud Office is probing an elaborate scam that took in the former England football manager, Sven-Goran Eriksson, the former spymaster Sir John Walker and the North Korean government.

First London plc's parent company, First London Group plc, is still in business. In a statement, its lawyers said the failure to notify the FSA about the change in ownership was a mistake that had been rectified:

"This was simply an error and not done for any ulterior or questionable motive. As far as our client is aware the FSA were satisfied that the information provided was in compliance with all legal and regulatory requirements.

"Our client is unaware of any investigation by the Financial Services Authority or Serious Fraud Office."

Peter Marshall reports on BBC Panorama's investigation into a convicted fraudster.

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