Six found guilty in UK insider dealing ring

[dipsydoodle]

(Reuters) - Six people were found guilty on Monday of running an insider dealing ring that netted over 700,000 pounds after the longest and most complex prosecution brought by the Financial Services Authority.

The six used confidential and price-sensitive information from the London printers of Swiss bank UBS and UK brokerage JPMorgan Cazenove to place spreadbets on proposed or forthcoming takeover bids involving Reuters, Vega Group, Premier Oil, Thus and Enodis, the court heard when the trial opened in March.

"The defendants were involved in a long running, sophisticated and very profitable scheme. Indeed, several of the defendants derived the majority of their income from the scheme," FSA acting director of enforcement, Tracey McDermott, said in a statement on Monday.

"The conduct of the individuals in this case and the details of the scheme which have now been revealed are important reminders to firms of the need to protect inside information throughout its life so that it cannot be misused," she added.

http://uk.reuters.com/article/2012/07/23/uk-britain-fsa-convictions-idUKBRE86M0TY20120723

Be interesting to see what their sentences are.

[russspeakeasy]

1. They will be fined a lot less than they stole.