Two arrested in FCA insider dealing investigation
Published: 03/05/2013 Last Modified: 13/05/2013
On the 30 April the Financial Conduct Authority (FCA) with the assistance of the City of London Police Economic Crime Directorate executed a search warrant in West London. Two people, a man aged 41 and a woman aged 37, were arrested and questioned in connection with an investigation in to 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.
Business and private premises in Switzerland were also searched by the Swiss authorities in connection with the FCA’s investigation.
Insider dealing is a criminal offence that is punishable by a fine or up to 7 years imprisonment.
Notes for editors
- 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.
The FCA is currently prosecuting 7 other individuals for insider dealing:
Martyn Dogson 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
- The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FCA’s market abuse hotline on 020 7066 4900.
- 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).
- 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.
- You can find more information about the FCA, as well as how it is different to the PRA.
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