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Corporate fraud suspect charged

Published on 29 Apr 2010 under category: legal

A man accused of conspiracy to commit insider dealing has been charged by the finance industry watchdog.

The Financial Services Authority (FSA) found Anjam Ahmad guilty in relation to 22 share trading offences that occurred last year.
Mr Ahmad was formerly a hedge fund trader.

A recent crackdown in insider dealing has led to a spate of arrests.

However, Mr Ahmad's charges are not related to recent high-profile investigations that have resulted in four current prosecutions.

Despite five men being sentenced this year as a result of FSA action, city insiders have recently stated that they do not believe the watchdog is cutting out the cancer of insider dealing.

A survey by the Chartered Institute for Securities & Investment (CISI) found that over half of those polled thought there was still much illegal activity going on.

One respondent said that those caught by the watchdog were only the least sophisticated of those engaging in insider dealing.

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