Monday, 2 March 2015
Last updated 16 min ago
Mar 29 2010 | 2:46pm ET
The Moore Capital Management trader and six others arrested last week in an insider-trading crackdown could wait for a year or more to be charged, according to the British Financial Services Authority.
The FSA and Serious Organized Crime Agency arrested Moore’s Julian Rifat and others on Tuesday and Wednesday on suspicion of insider-dealing. It is believed the regulator is looking to whether the accused were front-running block trades.
But that investigation could take quite a while as the FSA builds its case against the seven arrested.
“We arrested a couple last year and they were only charged last week,” an FSA spokesman told The Independent. “That was two people in a simpler case. This investigation is much more complex.”
The FSA has released on bail six of the seven arrested, including Rifat, who has been placed on administrative leave by Moore. But the agency has delayed a formal statement because one of the men arrested, Aria Capital’s Iraj Parvizi, has been hospitalized since shortly after his arrest and has not been questioned.
Parvizi is also associated with Novum Securities, which also saw trader Graeme Shelley arrested.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…