Peak scandal: an analysis of financial crime in the United Kingdom, 1827–2015

The chapter examines the history of financial crime. It sets out a methodology utilising newspaper archives to quantify the incidence of different types of financial crime over a long historical period. Using the United Kingdom as a case study, it highlights trends in financial market manipulations and accounting manipulations, and specific examples of each, focusing on peak occurrences of prospectus fraud, share market manipulations (including insider trading), false balance sheets and false accounting. The chapter then reviews the strengths and weaknesses of the methodology and highlights areas for refinement and further research. In conclusion, the evidence in the chapter suggests that corporate financial crime became a significant problem in the mid-19th century, typically declining thereafter, but then resurging after the 1970s and persisting at high levels until the recent past, suggesting a correlation with laissez-faire and market liberalisation.