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FSA Raids 16 Homes And Offices On Suspicion Of Hedge Fund Insider Trading

New York (HedgeCo.net) – In their first joint operation, the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA) have this morning searched 16 addresses in London, seizing documents and computers from both residential and business premises.

Six men, including two senior professionals at leading city institutions and one city professional at a hedge fund have been arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement. The operation was carried out by 143 FSA personnel together with officers from SOCA as part of a joint investigation that commenced in late 2007.

The FSA alleges that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result.

The FSA has so far secured five sentences of imprisonment (one suspended) in relation to insider dealing: McQuoid and Melbourne in March 2009; Matthew and Neel Uberoi in November 2009 and Malcolm Calvert on 11 March 2010.

The FSA is currently prosecuting three other insider dealing criminal cases: Andrew King, Andrew Rimmington and Michael McFall, with a trial date of 19 April 2010; Christian and Angie Littlewood and Neil Rollins, their trial dates are yet to be set.

Alex Akesson
Editor for HedgeCo.net
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