AKO Tippee Convicted

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.

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