Pardip Saini Sentenced for Failing to Pay Confiscation Order

Today, Pardip Saini was sentenced to 528 days imprisonment for failing to pay a Confiscation Order made against him.

The Confiscation Order in the sum of £464,564.91 was made on 12 September 2014 at a hearing before HHJ Pegden QC at Southwark Crown Court following Mr Saini’s conviction for insider dealing.  The period for Mr Saini to satisfy the Order expired on 12 March 2015. As of today’s date, £222,047.46 of that sum remains unpaid and interest is accruing at the daily rate of £48.67.

Commenting on the case, Georgina Philippou, acting director of enforcement and market oversight, said:

“The FCA welcomes the Court’s decision today. Individuals should not be able to benefit from their crimes and today’s outcome should serve as a warning to those considering committing insider dealing.”

Until Mr Saini satisfies the Confiscation Order, he remains the subject of a restraint order obtained by the FCA on 12 August 2008, which restrains all assets, wherever they are located, in which he has an interest.

The sentence imposed today is in addition to the term of 3 years and 6 months’ imprisonment that Mr Saini received on 27 July 2012 for insider dealing.

Mr Saini was convicted on 20 July 2012 of six counts of dealing whilst in possession of inside information in respect of six stocks, namely Reuters Plc, Biffa Plc, Premier Oil, Vega Group Plc, Enodis Plc and Thus Group Plc. He was convicted alongside six others who took part in a sophisticated and complex scheme to deal on the basis of confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids.

Notes to editors

  1. Previous press releases related to Pardip Saini:
  2. On 1 April 2013 the 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).
  3. 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.
  4. Find out more information about the FCA.