A Confiscation Order of £572,283.21 has today been made against Rupinder Sidhu. A costs order was also made in favour of the Financial Services Authority (FSA) who brought the case. This follows his conviction at Southwark Crown Court on 15 December 2011 for 22 counts of insider dealing, for which he was sentenced to 2 years in prison.
The sum of £572,283.21 represents Sidhu's benefit from insider dealing.
The Order can be paid out of funds which were restrained by the Court on the application of the FSA at the time of his arrest. If for any reason the sum of £572,283.21 is not paid within 28 days, Sidhu will be liable to serve an extra 5 years in prison.
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- The FSA has so far secured 11 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 and Rupinder Sidhu on 15 December. Details of each case are available on this website.
- The FSA is currently prosecuting 16 other individuals for insider dealing:
Name Trial date Bijal Shah Trial commenced 27 February 2012 Truptesh Patel Trial commenced 27 February 2012 Paresh Shah Trial commenced 27 February 2012 Mitesh Shah Trial commenced 27 February 2012 Neten Shah Trial commenced 27 February 2012 Ali Mustafa Trial commenced 27 February 2012 Pardip Saini Trial commenced 27 February 2012 James Paul Sanders Trial commencing 16 April 2012 Miranda Sanders Trial commencing 16 April 2012 Christopher Hossain Trial commencing 16 April 2012 James Swallow Trial commencing 16 April 2012 Adam Buck Trial commencing 16 April 2012 Thomas Ammann Trial date to be confirmed Christina Weckwerth Trial date to be confirmed Jessica Mang Trial date to be confirmed 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 begin_of_the_skype_highlighting 020 7066 4900 end_of_the_skype_highlighting.
- 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.
