Ex-AKO Trader Admits Insider-Trading

May 18 2010 | 10:45am ET

A former hedge fund trader has pleaded guilty to insider-trading.

Anjam Ahmad, who worked as an execution trader at AKO Capital until September, admitted to trading 22 different securities based on confidential information today in London. He faces up to seven years in prison on the single count of conspiracy to commit insider dealing when he is sentenced on June 22.

The presiding judge, Geoffrey Rivli, warned Ahmad that he “can make no promises as to sentence,” calling the illegal trades, conducted between June and August of last year, “a serious matter.”

AKO has not been accused of any wrongdoing. The firm has said that Ahmad’s illicit trading took place in his personal accounts.

Two other men were arrested with Ahmad. Neither has yet been charged.

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