Friday, 27 March 2015
Last updated 1 hour ago
Mar 26 2010 | 1:32pm ET
The Moore Capital Management trader arrested this week is speaking out, denying any wrongdoing and vowing to clear his name.
Julian Rifat “denies the allegations that have been made against him,” Kingsley Napley, his law firm, said in a statement. “He has not been charged with any offense.”
Rifat was arrested on Tuesday on suspicion of insider trading by the Financial Services Authority and the U.K. Serious Organised Crime Agency. He has been released on bail and placed on administration leave by Moore, where he worked in London as an execution trader.
“Mr. Rifat is deeply distressed by the accusation and is working to clear his name as soon as possible,” Kingsley Napley added. “It would not be appropriate for us or for him to comment further at this stage in light of the fact that the investigation is on-going.”
Rifat was one of seven people arrested in the largest insider-trading crackdown in FSA history this week. The regulator is reportedly probing possible front-running of block trades, Bloomberg News reports.
Broker Novum Securities, like Deutsche Bank and Moore, said it has “been cooperating fully with the investigation and will continue to do so.” Two individuals associated with Novel, Graeme Shelley and Iraj Parvizi, were among those arrested.
Parvizi, also head of fund manager Aria Capital, has been hospitalized, The Telegraph reports. It is unclear what is ailing Parvizi, but his hospitalization has so far prevented the FSA and Organised Crime Agency from interviewing him.
In addition, the seventh man arrested in the case has been identified as former stockbroker Ben Anderson. Anderson was arrested on Wednesday, a day after the other six were taken in for questioning, upon his return from the Caribbean.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…