Thursday, 25 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.