In a case brought by the Financial Conduct Authority (FCA) Julian Rifat a former senior execution trader at Moore Capital Management LLC has today pleaded guilty to an indictment reflecting 8 instances of insider dealing. Profits from the dealing exceeded £250,000. Rifat is the third individual to plead guilty to insider dealing offences arising out of Operation Tabernula, the FCA’s largest and most complex insider dealing investigation. He will be sentenced in the New Year.
Rifat admitted passing inside information, obtained during the course of his employment, to an associate, Graeme Shelley, who then traded for their joint benefit. Earlier this year Graeme Shelley, previously a broker at Novum Securities, pleaded guilty to insider dealing with Rifat and with another associate Paul Milsom. Paul Milsom, an execution trader at Legal and General Insurance Management Ltd, pleaded guilty to insider dealing and was sentenced in 2013.
Tracey McDermott, the FCA’s director of enforcement and financial crime said:
'Insider dealing investigations are complex and long-running. Nevertheless we are committed to undertaking the painstaking analytical work which is required to bring these cases to court. In this case measures were taken by those involved to conceal their activities – this included communicating via unregistered Pay As You Go mobile telephones and the diversion of trading profits to third parties. The guilty plea today is a reflection of our capability and determination to tackle these challenging and complex cases.'
|Martyn Dodgson||11 January 2016|
|Andrew Hind||11 January 2016|
|Benjamin Anderson||11 January 2016|
|Iraj Parvizi||11 January 2016|
|Richard Baldwin||11 January 2016|
|Grant Harrison||11 January 2016|
|Paul Coyle||Trial date to be confirmed|
|Damian Clarke||Trial date to be confirmed|
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