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Insider Suspects Await Regulator's Decision
February 22, 2012
[ by Melanie Gretchen ]
Arrested nearly 2 years ago by the U.K.'s Financial Services Authority, or FSA, 7 suspects may learn as early as next month whether they’ll be charged with insider trading. At the time of their arrests, which was part of the FSA's ongoing high profile insider-trading investigation, these 7 people were working for Deutsche Bank, Exane, BNP Paribas, or Moore Capital Management. But their careers were put on hold and now, their scheduled to report to police stations in London on 3/25/12 to learn if they’re being prosecuted. Not all of the suspects will necessarily be charged next month; final decisions may be delayed for some.
The investigation, code-named Tabernula - Latin for 'little tavern' - and probing into whether the men engaged in front-running of block trade orders entered by their respective firm's corporate clients. The FSA have arrested 2 more suspects - 1 last year, and a 9th last week. The latter was a trader with the investment management affiliate of insurer Legal & General Group Plc.
Others Charged with Insider Trading. The FSA secured the longest-ever U.K. sentence for insider trading one year ago when former Dresdner Kleinwort banker Christian Littlewood was sentenced to 40 months in prison after he admitting to illegal trading over a 10-year period. His wife and another accomplice were charged in the case, as well. Another group of 7 people who were charged in 2010 with trading on insider information are scheduled to go to trial next week. They allegedly made $4 million in illicit profits, based on data leaked from London printers. Some of the 7 were employed with UBS AG and JPMorgan's Cazenove unit at the time of their arrests.
[Bloomberg, 2/21/12]
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