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FSA charges seven over insider dealing

The UK’s FSA has charged seven people with 13 counts relating to dealing on inside information

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One defendant has additionally been charged with an offence in relation to money laundering.

According to Reuters, the seven have been charged in an insider trading case related to activities at the London printers for Swiss bank UBS and brokerage Cazenove.

The seven have been named as Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel, Mitesh Shah and Ali Mustafa. A warrant for the arrest of another person in connection with this investigation has been issued. The charges are based on allegations that cover a two-year period and involve alleged unlawful profits of around £2.5m.

These charges follow the searches and arrests of eight suspects on 29 July, 2008. The charges are unconnected with other searches, including the recent joint operation with the Serious Organised Crime Agency across 16 addresses in London, the Southeast and Oxfordshire, again concerning insider dealing.

The defendants have been bailed to appear at City of Westminster Magistrate’s Court 14 April.

The crux of the charges against the individuals involve insider dealing on securities in Misys, Morgan Crucible, Laidlaw International, Reuters Group, Biffa, Abbot Group, Premier Oil, Vega, GCap, Enodis and Thus Group.

In the past 12 months, the FSA has secured five sentences of imprisonment (one suspended) in relation to insider dealing and is currently prosecuting three other insider dealing criminal cases
 

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