FSA charges seven with insider dealing
by Gill Montia
Story link: FSA charges seven with insider dealing
The Financial Services Authority (FSA) has charged seven people with conspiring to deal on inside information obtained from two major investment banks.
The defendants face 13 charges and one defendant has additionally been charged with a money laundering offence.
The alleged offences took place over a two-year-period and involve alleged unlawful profits of around £2.5 million.
A 21-month investigation by the FSA was conducted by a team of 35 people who examined over 75 electronic devices containing more than 200,000 electronic files and 130 individual trading accounts.
Staff also analysed 150,000 plus entries of publicly available information and took over 250 witness statements.
The defendants, who are named as Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Mitesh Shah, have been bailed to appear at City of Westminster Magistrates’ Court on 14th April.
According to a report in The Times, two of those charged worked at JPMorgan Cazenove and UBS at the time of the alleged offences.
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