Wednesday, 23 July 2014
Last updated 7 hours ago
Jan 29 2014 | 10:32am ET
Former Moore Capital Management trader Julian Rifat was formally charged with fraud today, with prosecutors offering details about his alleged insider-trading for the first time.
Rifat, who was an execution trader at Moore, was arrested four years ago. He is the ninth person—of the 10 arrested—to be charged in the case.
According to prosecutors, Rifat traded on illicit information about eight companies, among them Barclays and Volkswagen. Rifat spoke only to confirm his name at today's hearing, during which his case was transferred to a higher court.
Rifat will be back in court on Feb. 12.
Last year, Rifat sought and won a court order for the U.K. Financial Conduct Authority to either bring charges against him or end its probe. The 10th suspect in the case, former BNP Paribas employee Clive Roberts, remains under investigation.
Two of the charged have pleaded guilty. One, Aria Capital's Iraj Parvizi, has pleaded not guilty; the other five had not entered pleas.
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…