One arrested in FCA insider dealing investigation

Published: 12/12/2013   Last Modified : 12/12/2013
The Financial Conduct Authority (FCA) with the assistance of the North Yorkshire and West Yorkshire Police has this morning executed a search warrant in Harrogate. One male, aged 49, has been arrested and is currently in custody to be questioned in connection with an investigation into Insider Dealing and Market Abuse.

No further details can be confirmed at this time and no individuals have been charged. The arrests are not linked to any other ongoing insider dealing investigation.

Insider dealing is a criminal offence that is punishable by a fine or up to seven years imprisonment.

Notes to Editors

  1. The FCA, and previously the Financial Services Authority, have secured 23 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,  Rupinder Sidhu on 15 December, and James and Miranda Sanders together with James Swallow in May 2012  and  Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel on 27 July 2012, Thomas Ammann on the 13 December 2012, Paul Milsom on 7 March 2013 and Richard Joseph on the 11 March 2013.  Details of each case are available on this website.
  2. The FCA is currently prosecuting seven other individuals for insider dealing:
    Martyn Dodgson Trial date to be confirmed
    Andrew Hind Trial date to be confirmed
    Benjamin Anderson Trial date to be confirmed
    Iraj Parvizi Trial date to be confirmed
    Richard Baldwin Trial date to be confirmed
    Graeme Shelley Trial date to be confirmed
    Grant Harrison Trial date to be confirmed
  3. The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
  4. Individuals with information about market abuse can call the FCA’s market abuse hotline on 020 7066 4900.
  5. On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  6. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  7. You can find more information about the FCA, as well as how it is different to the PRA.

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