Ex-AKO Insider-Trader Fined, Escapes Jail

Jun 22 2010 | 12:16pm ET

The former hedge fund trader who last month became the first person to plead guilty to insider-trading charges in the U.K. will do no jail time.

Anjam Ahmad’s 10-month sentence was suspended by a London judge today. Instead, the former AKO Capital execution trader will have to pay more than £150,000 in fines and restitution, and do 300 hours of community service.

Ahmad had faced up to seven years in prison.

Judge Geoffrey Rivlin explained his leniency by telling Ahmad, “you cooperated immediately with the authorities and were very frank about the part you played in all of this.”

Ahmad admitted to trading 22 different securities based on confidential information today in London. He pleaded guilty to conspiracy to commit insider-dealing in May. Two other men were arrested with him in February, although neither has yet been charged.

Rivlin ordered Ahmad to pay £106,000 in restitution and £50,000 in fines. He had already been hit with £131,000 in fines by the Financial Services Authority.

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


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note