Tuesday, 26 May 2015
Last updated 3 days ago
Apr 28 2010 | 1:04pm ET
A former hedge fund trader has been charged with insider trading in the latest case brought by an increasingly active U.K. Financial Services Authority.
Anjam Ahmad, formerly of hedge fund AKO Capital, has been charged with conspiracy to commit insider trading. London-based AKO said the trades in question were personal and that the hedge fund has not been charged with any wrongdoing.
“The charges relate to Mr. Ahmad’s activities in a personal capacity,” the firm said in a statement. “AKO Capital has not been a subject of the investigation and there has never been any suggestion of any involvement by AKO Capital or any other AKO Capital personnel.”
Ahmad was arrested in January with two other men. According to authorities, the former execution trader, who left AKO in September, traded 22 different stocks based on confidential information last summer.
Charges against the other two men are still pending. The case is unrelated to another insider-trading sweep by the FSA that nabbed Moore Capital Management execution trader Julian Rifat.
If convicted, Ahmad faces up to seven years in prison. Currently free on bail, the former Citigroup investment adviser is due back in court on May 7.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…