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: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of