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UK fund director in FSA insider trading arrests

Published on 24 Mar 2010 under category: legal

A UK fund director was one of the men arrested on suspicion of insider trading yesterday (March 23rd), in a Financial Services Authority (FSA) investigation involving 143 officers.

Iraj Parvizi, the director of Aria Capital, was identified in a Daily Telegraph report today.

His Mayfair flat was apparently one of 16 simultaneously raided by FSA officials and investigators from the Serious Organised Crime Association.

Yesterday, the FSA released a preliminary statement on the raids saying: "It is believed that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result."

According to the newspaper, banks BNP Paribas, Moore Capital, Novum Securities and Deutsche Bank are all part of the investigation, which has been running for just under three years.

Some of the other individuals identified by the Telegraph include the Deutsche Bank managing director Martyn Dodgson, Graeme Shelley of Novum Securities and Moore Capital equity trader Julian Rifat.

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