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Six arrested on long-term corporate fraud suspicion

Published on 23 Mar 2010 under category: legal

Six financial service professionals in London have been arrested for their alleged roles in a long-running insider-dealing ring.

The Financial Services Authority (FSA), reported today (March 23rd) that last week 143 officers, working with the Serious Organised Crime Agency, raided 16 addresses to seize evidence of corporate fraud from both business and residential premises.

Five of the men accused of profiting from the ring are senior professionals and one is a hedge fund employee. The raids took place across London, Oxfordshire and the south-east.

According to the industry watchdog, the city professionals may have been passing inside information to traders, who then made "significant profits" from trading on the insider tips.

The investigation, which began in late 2007, is the first to be conducted jointly between the two bodies.

Hector Sants, head of the FSA, promised last week that there would be further convictions of corporate fraud and that it would be making a renewed push to crack down on insider trading.

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