After a four and a half month trial, six individuals have been found guilty of insider dealing under the Criminal Justice Act 1993. They used price-sensitive information from the printers to UBS and JP Morgan Cazenove to place spread bets ahead of public announcements by companies including Reuters, Biffa and Premier Oil, and were convicted of making a combined profit of £732,044.59 between May 2006 and May 2008.
The acting director of the FSA’s Enforcement and Financial Crime Division said:
“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. They took a number of steps to reduce the likelihood of detection and continued, throughout the trial, to deny any wrongdoing. Our success in bringing these individuals to justice is the result of innovative and determined work done across our markets, intelligence and enforcement teams over several years.”
The defendants will be sentenced on 27 July 2012.