Four men have been charged by the Financial Services Authority (FSA) with conspiracy to insider deal between 1st November 2006 and 23rd March 2010.
Martyn Dodgson, a senior corporate broker, Andrew Hind, Benjamin Anderson and Iraj Parvizi have been bailed to attend Westminster Magistrates’ Court on 19 October 2012.
The charges arise out of Operation Tabernula a long-running joint investigation between the FSA and the Serious Organised Crime Agency (SOCA). Operation Tabernula is the FSA’s largest and most complex insider dealing investigation to date.
A number of individuals remain under investigation.
Notes for editors
- These charges are linked to the arrests of 23 March 2010
- The FSA has previously secured 14 convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, 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 2011, 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. Details of each case are available on the FSA website.
- The FSA is currently prosecuting 4 other individuals for insider dealing:
Thomas Ammann Trial commencing 15 October 2012
Christina Weckwerth Trial commencing 15 October 2012
Jessica Mang Trial commencing 15 October 2012
Richard Joseph 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.
- 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 four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; 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.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013. The Financial Services Bill currently undergoing parliamentary scrutiny is expected to receive Royal Assent by the end of 2012.
