View more on these topics

Insider dealer ordered to repay over £570k

A man convicted of 22 counts of insider dealing has been ordered to pay back over £570,000 that he gained by acting on inside information from a former hedge fund trader.

Rupinder Sidhu was convicted at Southwark Crown Court on December 15 and was sentenced to two years in prison.

Between May 15, 2009 and August 22, 2009, Sidhu was jointly involved with another individual, Anjam Ahmad, an ex-hedge fund trader and risk manager with AKO Capital, in insider dealing in 18 different UK and European listed shares, based on inside information obtained by Ahmad about forthcoming transactions by AKO in those securities.

A confiscation order of £572,283.21 has today been made against Sidhu. A costs order was also made today in favour of the FSA which brought the case.

The order can be paid out of funds which were restrained by the court on the application of the FSA at the time of Sidhu’s arrest.  If for any reason the sum of £572,283.21 is not paid within 28 days, Sidhu will be liable to serve an extra five years in prison.

The FSA has so far secured 11 convictions in relation to insider dealing.

Recommended

Multi-manager View

Time pressures on advisers and investors alike has led to a surge in outsourcing over recent years and the RDR is likely to increase this trend. When it comes to managed solution offerings, there is a vast spectrum of products from which investors can choose, ranging from fully managed discretionary portfolios to off-the-shelf model portfolios. […]

2

Former Origen boss heads up new Punter Southall retirement arm

Former Origen duo Stephen Greenstreet and Rob Tinsley will head up a new at-retirement business for consultancy firm Punter Southall. The new Aspire division will provide non-advised and advised solutions to individuals, corporates and strategic partners. It will also offer pre-retirement consultancy services. Greenstreet (pictured) was previously managing director at Origen, while Tinsley was head […]

Pru sees UK business fall but boosted by M&G

Prudential has seen new business profit in the UK fall 5 per cent in the first three months of the year to £62m compared to £65m for the same period last year. However across the group investment net inflows have grown 12 per cent from £1.8bn to £2.1bn, led by Pru’s asset management arm M&G. […]

FSA backs campaign against chasers over charges

The FSA is backing the Which? and Moneysaving- expert.com campaign against claim firms that charge consumers a fee without telling them they could claim for free. The campaign seeks to address confusion after research showed one in four people was unaware that claim firms charged a fee. Around three-quarters of payment protection insurance claims come […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. As the FSA seem to be reasonable at chaasing after “baddies” maybe they should leave the rest of us alone to get with doing the best we can for our clients.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com