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Six convicted of insider dealing by FSA | |
(30 minutes later) | |
Six people have been convicted of insider dealing in a case brought by the Financial Services Authority. | |
The six obtained information from the London printers of Swiss bank UBS and UK brokerage JP Morgan Cazenove on takeovers by firms such as Reuters. | The six obtained information from the London printers of Swiss bank UBS and UK brokerage JP Morgan Cazenove on takeovers by firms such as Reuters. |
They then used the confidential data to place spread bets which generated £732,000 ($1.1m) between 2006 and 2008. | They then used the confidential data to place spread bets which generated £732,000 ($1.1m) between 2006 and 2008. |
Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel will be sentenced on Friday. | Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel will be sentenced on Friday. |
The six were convicted of offences relating to the obtaining and trading on information on six companies: Reuters, Vega Group, Premier Oil, Thus and Enodis. | The six were convicted of offences relating to the obtaining and trading on information on six companies: Reuters, Vega Group, Premier Oil, Thus and Enodis. |
The Financial Services Authority (FSA) combed through hundreds of trading accounts and telephone records, to build up a detailed picture or the insider dealing ring. | The Financial Services Authority (FSA) combed through hundreds of trading accounts and telephone records, to build up a detailed picture or the insider dealing ring. |
Tracey McDermott, acting director of the Enforcement and Financial Crime Division of the FSA, said: "This sort of behaviour poses a significant risk to the integrity of markets and cheats honest investors." | Tracey McDermott, acting director of the Enforcement and Financial Crime Division of the FSA, said: "This sort of behaviour poses a significant risk to the integrity of markets and cheats honest investors." |
Ms McDermott also warned companies of their responsibilities to keep information confidential. | |
She said the case provided "important reminders to firms of the need to protect inside information throughout its life so that it cannot be misused". |
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