Six Sanctioned for Insider Dealing
July 27, 2012
Six individuals have been convicted of insider dealing after the Financial Services Authority's longest and most complex investigation to date. The six had been involved in a complicated scheme aimed at obtaining confidential and price-sensitive information in relation to a number of proposed takeover bids. This information was then used to execute a number of spread bets in anticipation of the price of the relevant shares rising once the confidential information became public.
The FSA has previously secured 14 insider dealing convictions, and a further four cases are pending in the courts.