Novum Statement on FSA Insider Trading and Hedge Fund Fraud Case
Friday, March 26, 2010 : Permalink
New York (HedgeCo.net) – The Financial Services Authority (FSA) visited the offices of independent UK securities stockbroker, Novum Securities, on the 23 of March in relation to an investigation into a single member of Novum’s staff, who has been with the firm since July 2009.
Novum Securities said that they have, “been cooperating fully with the investigation and will continue to do so.”
In what is being called the largest insider trading crackdown in Britain’s history, an operation was carried out this week by 143 FSA personnel together with officers from the Serious Organised Crime Agency (SOCA). Documents and computers were seized from both residential and business premises, according to reports.
A junior trader at hedge fund Moore Capital was arrested and an employee at Deutsche Bank was also taken for questioning. All together, 6 men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.
Alex Akesson
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