Wednesday, 30 July 2014
Last updated 10 hours ago
Dec 15 2011 | 1:47pm ET
A British man accused of running an insider-trading scam with a hedge fund trader was convicted and sentenced to two years in prison today.
Rupinder Sidhu was found guilty of 22 counts of insider-trading. The Financial Serves Authority accused him of trading 22 different securities based on confidential tips provided by Anjam Ahmad, then of hedge fund AKO Capital, allowing Sidhu to essentially front-run AKO's trades. Ahmad and Sidhu then split the profits.
Sidhu was acquitted of one insider-trading count.
"You are greedy," the judge told Sidhu. "Sheer greed is behind all these offenses."
A confiscation hearing is scheduled for March 30. The FSA said that Sidhu made £524,000 on his illegal trades.
Ahmad cooperated with prosecutors in the case against Sidhu. He pleaded guilty to insider-trading in May and has received a suspended sentence.
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…