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

Fund Focus: Asian Frontier Capital Offers U.S. Investors Access To Untapped Markets

Mar 2 2015 | 6:47am ET

Hong-Kong based asset manager Asian Frontier Capital is making a capital raising...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk Management: The Due Diligence Challenge And Branding Opportunity

Mar 2 2015 | 8:41am ET

The hedge fund firms that make it easier for prospective investors to gain comfort...

 

Editor's Note