Two arrested in insider dealing probe
It has been revealed that a senior corporate finance adviser was among two people arrested early today as the Financial Services Authority continues its significant crackdown on insider dealing. Fresh from the success of a recent court case, which saw two insider traders convicted, it would appear that the FSA is certainly not sitting back on its laurels. There have been rumours of further prosecutions and many believe the two arrests announced today are only the tip of the iceberg.
As we covered in a recent post, many believe insider trading has been right for many years although it is one of the most difficult crimes to prove. There are so many different variables and so many different people involved that proving information was passed in an illegal manner has been almost impossible until now.
While it is unclear whether the two people arrested today are still in custody, the signal being sent out to potential insider dealers in the future is "watch out, we are on your trail". Slowly but surely the FSA is reducing the confidence which many insider traders have had in the past and making some face up to the fact if they continue trading on confidential information that they actually risk prosecution and potential jail.
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