Thursday, 25 December 2014
Last updated 1 day ago
Mar 24 2010 | 2:35pm ET
British authorities arrested a seventh person in connection with the insider-trading case that ensnared a Moore Capital Management trader.
The Financial Services Authority, which organized the U.K.’s largest insider-trading sting with the country’s Serious Organised Crime Agency, would not identify the individual arrested this morning. It has also not officially identified the six people arrested yesterday, but media reports indicate that they include Julian Rifat, an execution trader at Moore’s London office.
Others arrested include Martyn Dobson, a managing director in Deutsche Bank’s corporate broking unit; Clive Roberts, head of European equity sales and trading at BNP Paribas’ Exane brokerage; and Graeme Shelley, a trader at Novum Securities.
None of those arrested have yet been charged, and at least some were freed on bail after questioning yesterday. The FSA said that all seven would be released on bail.
Meanwhile, the Daily Telegraph identified a fifth man targeted by yesterday’s raids, which took place at 16 locations in London and southeast England, as Iraj Parvizi. Parvizi is a director of Aria Capital, based in suburban Romford, London. Authorities struck Parvizi’s apartment in London’s Mayfair district, home to many of the city’s hedge funds.
Moore has put Rifat on administrative leave and said it is cooperating with the investigation. Rifat’s allegedly illicit trading reportedly took place in his personal accounts, and did not involve any of Moore’s funds.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.