FSA charges seven with insider trading
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The FSA has charged seven people with 13 charges of conspiracy to deal on inside information obtained from two major investment banks.
It has issued a warrant for the arrest of another person in connection with the investigation.
Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Mitesh Shah were charged in relation to £2.5m worth of profits they are accused of obtaining through insider trading.
Mitesh Shah has additionally been charged with an offence in relation to money laundering.
Two of those charged are reported to be former printing room employees at UBS and JP Morgan Cazenove.
The charges follow a 21-month investigation by the FSA which involved examining more than 75 electronic devices containing more than 200,000 electronic files.
The group of defendants have been bailed to appear at City of Westminster Magistrate’s Court on April 14.
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Readers' comments (3)
Incompetent Regulators Award Team | 1 Apr 2010 10:02 am
21 month investigation? What a laugh they are no good at anything these F-Pack monkeys aoart from creating a big noise when caught out with bad work. Then big it up when they find something small like this when compared with the banking collapse and the pro banking RDR paper.
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Incompetent Regulators Award Team | 1 Apr 2010 10:03 am
All regulated firms should stop paying FSA fees etc
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Incompetent Regulators Awards Team | 1 Apr 2010 11:01 am
What about fines for FSA staff for abusing expenses system e.g. 5 star hotels?
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