The trader, employed by Moore Capital Management, was taken into custody on Tuesday (March 23rd) following a two year investigation by the FSA and Serious Organised Crime Agency.
He featured in a presentation given by Morgan Stanley in November 2009 named 15 Institutional Investors That Matter.
Mr Rifatâs position involved seeking the best prices for fund managers working with Mooreâs investment portfolio.
In a statement, Kingsley Napley, the legal firm representing the accused, said: âMr Rifat denies the allegations that have been made against him. He has not been charged with any offence. Mr Rifat is deeply distressed by the accusation and is working to clear his name as soon as possible.
âIt would not be appropriate for us or for him to comment further at this stage in light of the fact that the investigation is on-going.â
As yet, none of the seven bankers arrested by the FSA have been charged.
By Jim Ottewill