U.K. Insider-Trading Probe Could Take A Year

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.


In Depth

Q&A: Jeff Eaton Talks Capital Raising, CalPERS And The Secondaries Market

Oct 14 2014 | 10:16am ET

Global placement agent Eaton Partners has raised close to $60 billion for some of...

Lifestyle

MacDonald-Korth Offers Insights Into Paintings Bought, Sold By Hedgies

Oct 7 2014 | 9:00am ET

Definitive and complete ratings require an in-person examination of an artwork,...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.