Moore’s Rifat Denies Insider-Trading Allegations

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.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs 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…

Editor's Note