FSA announces seven further insider dealing charges
The FSA (Financial Services Authority) has today announced that seven people have been charged with 13 allegations of conspiracy to deal on inside information, in a further crackdown on market abuse in the UK. The seven people involved, with another warrant outstanding for an additional person, have connections with two major investment banks in the UK with suggestions that they were former printing room employees.
It is believed that the investigation has been ongoing for 21 months and seen the FSA examine more than 75 electronic devices holding over 200,000 electronic files. This further highlights the determination of the FSA to crackdown on alleged market abuse and alleged insider dealing, something which has been lacking in years gone by but has certainly picked up pace over the last few months.
The ongoing success of FSA insider dealing and market abuse cases could well give a potential Conservative government food for thought after initially indicating the FSA would be wound down if David Cameron was successful at the next election. Whether David Cameron would be able to justify the closure of the FSA at a time when insider dealing and market abuse convictions are at an all-time high is debatable but the FSA is certainly fighting its own corner with some success at the moment.
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