Saturday, 20 September 2014
Last updated 15 hours ago
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.
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