The Financial Services Authority (FSA) today charged Anjam Ahmad, an ex-hedge fund trader, with one count of conspiracy to commit insider dealing contrary to Section 1 of the Criminal Law Act 1977.
The offence relates to trading in 22 different shares between June and August 2009. He has been bailed to attend City of Westminster Magistrates’ Court on 7 May 2010.
These charges follow the searches and arrest of three men on 28 January 2010. The charges are unconnected with other searches, including the recent searches on Tuesday 23 March 2010.
Background
- The FSA has so far secured five sentences of imprisonment (one suspended) in relation to insider dealing: McQuoid and Melbourne in March 2009; Matthew and Neel Uberoi in November 2009 and Malcolm Calvert on 11 March 2010. Details of each case are available on the FSA website.
- The FSA is currently prosecuting three other insider dealing criminal cases: Andrew King, Andrew Rimmington and Michael McFall, with a trial date of 19 April 2010; Christian and Angie Littlewood, with a trial date yet to be fixed; and Neil Rollins, with a trial date yet to be fixed.
- The Financial Services and Markets Act 2000, gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.
- The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
