UK's Financial Services Authority Commences Criminal Proceedings Against Third Individual For Insider Dealing

The Financial Services Authority (FSA) confirms that it has commenced criminal proceedings against Helmy Omar Sa'aid for the offences of insider dealing and conspiracy to commit insider dealing.

On 30 March 2010 Mr Sa'aid appeared before the City of Westminster Magistrates' Court charged with 13 counts of insider dealing contrary to section 52(1) of the Criminal Justice Act 1993 and one count of conspiracy to commit insider dealing contrary to section 1(1) of the Criminal Law Act 1977. The offences relate to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2009. Mr Sa'aid has been remanded into custody and will appear on 3 June 2010 at Southwark Crown Court.

On 15 March 2010 Mr Sa'aid was arrested by the French authorities in Mayotte, a French overseas territory in the Comoros Islands, pursuant to a European Arrest Warrant issued by City of Westminster Magistrates’ Court at the request of the FSA.  He was yesterday returned to the UK with the assistance of the City of London Police.

This case is linked to that of Angie and Christian Littlewood who, on 10 and 11 March 2010 were charged with 13 counts of Insider Dealing and one count of conspiracy to commit insider dealing.

Background

1. 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.
2. 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.
3. The Financial Services and Markets Act 2000, gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
4. The FSA regulates the financial services industry and has four 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; and fighting financial crime.
5. Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.