Six men, including three senior City professionals, were arrested today following a dawn raid on 16 addresses in the Financial Services Authority’s biggest-ever swoop on insider dealing. Squads from the FSA and the Serious Organised Crime Agency, in their first joint operation, searched 16 sites this morning, including homes and offices in London, the South East and Oxfordshire, and seized documents and computers.
The FSA, which used 143 of its investigators in the searches, said that after an investigation lasting more than two years, it had arrested six men, including two senior City professionals at “leading City institutions” and one City professional at a hedge fund, on suspicion of being involved in a “sophisticated and long-running insider dealing ring”.
It said: “It is believed that the City professionals passed inside information to traders, either directly or via middlemen, who traded based on this information and have made significant profits as a result.”
This is the fifth set of arrests carried out by the FSA in investigations into insider dealing since 2008.
It has so far secured five sentences of imprisonment, one suspended, in relation to insider dealing, most recently Malcolm Calvert, a former partner in Cazenove, the Queen’s stockbroker, who was sent to jail for 21 months.
It is also prosecuting three other insider dealing criminal cases:
- Andrew King,
- Andrew Rimmington and
- Michael McFall,
with a trial date set for April 19; Christian and Angie Littlewood, with a trial date yet to be fixed; and Neil Rollins, with a trial date yet to be fixed.
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