FSA/PN/006/2013
22 Jan 2013
The Financial Services Authority (FSA) with the assistance of the Police Forces, in the City of London, the East Midlands and the North of England have this morning executed four search warrants in the City of London, Lincolnshire, Leicestershire and North Yorkshire. Five individuals including two men aged 37 and 62 and three women aged 39, 51 and 63 have been arrested and are currently in custody to be questioned in connection with an investigation in to Insider Dealing and Market Abuse.
No further details can be confirmed at this time and no individuals have been charged. The arrests are not linked to any other ongoing insider dealing investigation.
Insider dealing is a criminal offence that is punishable by a fine or up to 7 years imprisonment.
- The FSA has so far secured 21 further convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa'aid on 10 January 2011 and Rupinder Sidhu on 15 December, and James and Miranda Sanders together with James Swallow in May 2012  and  Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel on 27 July 2012 and Thomas Ammann on the 13 December.  Details of each case are available on this website.
- The FSA is currently prosecuting 6 other individuals for insider dealing:
Name | Trial date |
| Trial date to be confirmed | |
| Martyn Dogson                              | Trial date to be confirmed |
| Andrew Hind                                             | Trial date to be confirmed |
| Benjamin Anderson                                    | Trial date to be confirmed |
| Iraj Parvizi                                                  | Trial date to be confirmed |
| Richard Baldwin                                                  | Trial date to be confirmed |
- The Financial Services and Markets Act 2000 gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013. The Financial Services Bill currently undergoing parliamentary scrutiny is expected to receive Royal Assent by the end of 2012.
