Monday, 30 November 2015
Last updated 2 days 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…