Accused Hedge Fund Insider-Traded Denies Charges

Dec 10 2013 | 11:24am ET

Aria Capital's Iraj Parvizi has pleaded not guilty to insider-trading charges.

Parvizi entered his plea in Crown Court in London on Friday. He was the only one of the six people charged with insider-trading as part of the Financial Conduct Authority's Operation Tabernula to enter a plea.

Parvizi, who lives in Dubai, and the other five were arrested in 2010 as part of the U.K.'s largest-ever insider-trading sting. A seventh person was also arrested, but has not been charged.

Four of Parvizi's co-defendants do not have lawyers, due to cuts to the U.K. legal aid budget.

The Financial Services Agency—the FCA's predecessor—and the U.K. Serious Organised Crime Agency, made the arrests and raided 16 locations in March 2010. In addition to Parvizi, a director at Aria, the arrested reportedly include Moore Capital Management's Julian Rifat, Deutsche Bank's Martyn Dobson, BNP Paribas' Clive Roberts and Novum Securities' Graeme Shelley. Parvizi is also associated with Novum.

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