Friday, 1 August 2014
Last updated 14 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…