Ex-hedge fund trader pleads guilty of corporate fraud

Published on 23 Jun 2010 under category: legal

An ex-hedge fund trader and risk manager has received several penalties and a prison sentence for corporate fraud offences.

Anjam Saeed Ahmad pleaded guilty last month of conspiracy to commit insider dealing.

The Financial Services Authority (FSA) bought the case forward, after Ahmad was suspected to have collaborated with another individual in at least 19 different securities.

He conspired with the man based on inside information acquired from working at AKO Capital LLP.

This is the first case under the recently implemented SOCPA rules which allow the industry watchdog to negotiate a deal with a co-operative defendant.

SOCPA was introduced in order to encourage people involved in corporate fraud and other white-collar crimes to come forward with information.

Commenting on the case, the FSA's director of enforcement and financial crime said: "This is a significant step in our fight against market abuse.

"Insider dealers should recognise the real risk of being pursued through the criminal courts and stripped of the benefits of their crimes."

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.