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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat