FCA charges insider dealers with £3.2m in confiscation
In a case brought by the Financial Conduct Authority (FCA) a total of £3,249,488.71 were made by His Honour Judge Pegden QC between 10 September 2014 and 15 September 2014 against Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Richard Joseph.
These defendants were convicted of making a combined profit of £732,044.59 on trading between 1 May 2006 and 31 May 2008.
The total amount confiscated exceeds the profits generated as a result of the application of the confiscation regime which allows the court, in appropriate cases, to assume that the profits from other trading that took place within the same period represent the proceeds of crime.
Tracey McDermott, director of Enforcement and Financial Crime said:
“The FCA has made it clear that we will use all of the tools at our disposal to ensure that our markets are clean. These individuals engaged in a sophisticated scheme to try and make easy money by exploiting inside information As a result they have not only lost their liberty, their livelihoods and their reputations but they have also now been ordered to pay significant sums in confiscation. This should be a clear message to others that insider dealing does not pay.”
The following Orders were made and must be paid over the course of the next 6 months:
Source: FCA- FCA charges insider dealers with £3.2m in confiscation
