Wednesday, 24 August 2016
Last updated 1 hour ago
May 10 2010 | 3:46pm ET
A former trader with hedge fund AKO Capital will stand trial on insider-trading charges, a court has ruled.
The City of Westminster Magistrates’ Court has sent the case of Anjam Ahmad to trial. Ahmad, who was arrested in January, has been charged with conspiracy to commit insider-trading by the U.K. Financial Services Authority.
According to the FSA, Ahmad, an execution trader at AKO before his departure in September, traded 22 different stocks based on confidential information last summer. If convicted, he faces up to seven years in prison.
Two other men were arrested with Ahmad, neither of whom have yet been charged. London-based AKO has distanced itself from its former employee, saying that the charges relate to Ahmad’s personal trading and that the hedge fund has not been the subject of an investigation or any allegations.
Ahmad himself has yet to enter a plea. He remains free on bail, pending a hearing next week.