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.