Wednesday, 4 May 2016
Last updated 1 hour 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.