A former Deloitte tax partner and his wife were charged yesterday by the Securities and Exchange Commission for leaking information to family overseas in a multi-million dollar insider trading scheme.
Arnold McClellan and his wife Annabel of San Francisco, California were charged by the SEC as a result of a joint investigation involving the FSA, the SEC, the Department of Justice, and with assistance from the Federal Bureau of Investigation.
The couple were charged with repeatedly leaking confidential merger and acquisition information to family overseas in a multi-million dollar insider trading scheme.
Last week the FSA announced that five individuals from specialist brokerage Blue Index had been charged with 17 counts of insider dealing.
This latest investigation is directly related to the Blue Index case.
FSA managing director of enforcement and financial crime Margaret Cole says: “Whilst we cannot comment on the facts of this case, the insider dealing charges last week were the result of a co-ordinated effort and investigation between the FSA and the SEC.
“The action on both sides of the Atlantic demonstrates the way in which close co-operation between regulators is tightening the net on people who set out to abuse markets, wherever those people or markets are based.”