In a case brought by the Financial Services Authority (FSA) Rupinder Sidhu (DOB 17/02/71), a management consultant, appeared before City of Westminster Magistrates’ Court charged with 23 counts of insider dealing, contrary to section 52 of the Criminal Justice Act 1993 and one count of money laundering contrary to section 328(1) of the Proceeds of Crime Act 2002.
The offences relate to spread bets placed in relation to 18 different UK and European listed shares between 2008 and 2009.
Sidhu indicated pleas of not guilty to all charges. The proceedings were adjourned until the 2 March 2011 and Sidhu was remanded on conditional bail.
Background
- 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 and Christian Littlewood, Angie Littlewood on 8 October 2010 and Helmy Omar Sa'aid on 10 January 2011. Details of each case are available on the FSA website.
- The FSA is currently prosecuting 12 other individuals for insider dealing:
Name | Trial date |
---|---|
Bijal Shah | Trial commencing 19 September 2011 |
Truptesh Patel | Trial commencing 19 September 2011 |
Paresh Shah | Trial commencing 19 September 2011 |
Mitesh Shah | Trial commencing 19 September 2011 |
Neten Shah | Trial commencing 19 September 2011 |
Ali Mustafa | Trial commencing 19 September 2011 |
Pardip Saini | Trial commencing 19 September 2011 |
James Paul Sanders | Magistrates hearing 28 March 2011 |
Miranda Sanders | Magistrates hearing 28 March 2011 |
Christopher Hossain | Magistrates hearing 28 March 2011 |
James Swallow | Magistrates hearing 28 March 2011 |
Adam Buck | Magistrates hearing 28 March 2011 |
- 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.