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Police arrest three for insider dealing 27 February 2013

Three men have been arrested following the Financial Services Authority’s latest investigation into insider dealing.

The FSA, in conjunction with the Metropolitan Police carried out six searches in the city of London and Greater London area this morning and three men, aged 33, 37 and 39 were subsequently arrested and are in custody.

The individuals are to be detained and questioned as part of an ongoing investigation into insider dealing and market abuse.
Insider dealing is a criminal offence that is punishable by a fine or up to seven years imprisonment.

The FSA is currently prosecuting six other individuals for suspected insider dealing: Richard Joseph (Commenced 30 January 2013), Martyn Dogson (Trial date to be confirmed), Andrew Hind (Trial date to be confirmed), Benjamin Anderson (Trial date to be confirmed), Iraj Parvizi (Trial date to be confirmed), Richard Baldwin (Trial date to be confirmed.)

The Financial Services and Markets Act 2000 gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993. The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013 as required by the Financial Services Act 2012.

The FSA has so far secured 21 further convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009 and Malcolm Calvert on 11 March 2010.

Others include Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa’aid on 10 January 2011, Rupinder Sidhu on 15 December, and James and Miranda Sanders together with James Swallow in May 2012 and Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel on 27 July 2012 and Thomas Ammann on the 13 December.

 

 

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