On 19 May 2010, the FSA published a press release announcing that, with the assistance of the City of London Police, it has carried out searches at an address in East London and that a man aged 39 has been arrested in relation to allegations of insider dealing. The FSA has not provided any further information on this investigation.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/083.shtml

In the same press release, the FSA confirmed that, on 18 May 2010, Anjam Ahmad pleaded guilty to conspiracy to commit insider dealing. Mr Ahmad, an ex-hedge fund trader, was charged in April 2010 with one count of conspiracy to commit insider dealing under section 1 of the Criminal Law Act 1977 (see Legal update, FSA charges ex-hedge fund trader with conspiracy to commit insider dealing). He is due to be sentenced on 22 June 2010.

An article published on Timesonline.co.uk on 19 May 2010 suggests that Mr Ahmad pleaded guilty as part of a deal under which he may testify against suspected co-conspirators, if they are charged, in the hope of receiving a lighter sentence. The article states that Mr Ahmad is the first person to take advantage of the FSA’s new powers under the Serious Organised Crime and Police Act 2005 (SOCPA) which allow it to offer lesser sentences or immunity from prosecution to cooperating witnesses.

http://business.timesonline.co.uk/tol/business/law/article7129697.ece