FSA

Three arrested in FSA insider dealing investigation

Press release   •   Mar 01, 2012 08:21 GMT

The Financial Services Authority (FSA), with the assistance of Cheshire and Lancashire Constabularies, has this morning executed three search warrants at premises in Northwich and Rossendale. Three individuals, two men aged 43 and 42 and a woman aged 35 have been arrested and are currently in custody to be questioned in connection with an investigation in to insider dealing.

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.

Notes for editors

  1. The FSA has so far secured 11 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. Details of each case are available on this website.
  2. The FSA is currently prosecuting 16 other individuals for insider dealing:
    NameTrial dateBijal ShahTrial commenced 27 February 2012Truptesh PatelTrial commenced 27 February 2012Paresh ShahTrial commenced 27 February 2012Mitesh ShahTrial commenced 27 February 2012Neten ShahTrial commenced 27 February 2012Ali MustafaTrial commenced 27 February 2012Pardip SainiTrial commenced 27 February 2012James Paul Sanders                         Trial commencing 16 April 2012Miranda SandersTrial commencing 16 April 2012Christopher HossainTrial commencing 16 April 2012James SwallowTrial commencing 16 April 2012Adam BuckTrial commencing 16 April 2012Thomas AmmannTrial date to be confirmedChristina WeckwerthTrial date to be confirmedJessica MangTrial date to be confirmedRichard JosephTrial date to be confirmed
  3. The Financial Services and Markets Act 2000 gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
  4. Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.
  5. 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.

As the financial regulator for the UK, we use a wide range of rule-making, investigatory and enforcement powers to fulfill our statutory objectives.

Our powers and objectives are given to us by the Financial Services and Markets Act 2000 (FSMA). We also aim to promote efficient, orderly and fair financial markets and follow our principles of good regulation.
 
We are an independent body and we receive no government funding – we are funded entirely by the firms we regulate. However, we are accountable to the Treasury and, through them, Parliament.

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