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Former trader pleads guilty to insider dealing

A former trader at Moore Capital Management has today pleaded guilty to insider dealing in a case brought by the FCA.

Former senior execution trader Julian Rifat pleaded guilty to an indictment reflecting eight instances of insider dealing, which generated profits worth £250,000.

Rifat is the third individual to plead guilty to insider dealing offences arising out of Operation Tabernula, the FCA’s largest 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 Shelley, previously a broker at Novum Securities, pleaded guilty to insider dealing with Rifat and with another associate, Paul Milsom.

Milsom, an execution trader at Legal and General Insurance Management Ltd, pleaded guilty to insider dealing and was sentenced in 2013.

FCA director of enforcement and financial crime Tracey McDermott says: “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.”


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