Adam Smith, who had initially avoided arrest, started his own operation, managing the money of a Galleon investor.

NEWYORKER: A Dirty Business

Mr Kelly said their operation would cover managing racing, commercial activities and non-race day events.

BBC: Racecourse picks management team

The report claims that it would be in the interests of the rest of the UK - to promote trade, competitiveness and financial stability - that there should be co-operation on jointly managing the sterling currency and other policies on finance.

BBC: Scottish independence: Scotland 'should keep Sterling'