Searches were conducted today at one London business address and two domestic premises in London and Kent. A 44 year old man has been arrested and interviewed under caution at a London police station. He has been released on bail pending further enquiries.
The searches and arrest arise out of a complex insider dealing investigation which is being conducted by the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA).
A large number of business and domestic premises were searched in March 2010and a number of individuals were arrested in the FSA’s largest ever insider dealing operation. They have been interviewed under caution and remain under investigation. In April 2011 further searches were conducted and a further arrest was made. The investigation is ongoing.
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, 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 the FSA website.
- The FSA is currently prosecuting 15 other individuals for insider dealing:
Name Trial date Bijal Shah Trial commencing 27 February 2012 Paresh Shah Trial commencing 27 February 2012 Mitesh Shah Trial commencing 27 February 2012 Neten Shah Trial commencing 27 February 2012 Ali Mustafa Trial commencing 27 February 2012 Pardip Saini Trial commencing 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.
- 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.
