Unnamed man arrested as part of insider trading investigation

13 September 2010

An unnamed man has been arrested as part of a probe by the Financial Services Authority (FSA) into suspected insider dealing.

According to the industry regulator, a 64 year-old man has been detained by City of London Police Economic Crime Directorate.

The man has been arrested on suspicion of providing fake information and laundering money related to a case of possible insider trading.

In a statement, the FSA said: “Following questioning under caution by FSA staff, he was released on police bail pending further enquiries.

“Following the arrest a premises in Potters Bar was also searched as part of the investigation.”

The suspect’s detention follows the arrest of six other individuals made by investigators earlier in the year.

Meanwhile, Margaret Cole, head of enforcement at the FSA, was appointed to the regulator’s board of directors.

Ms Cole has been responsible for leading the body’s crackdown on insider dealing through a managing a policy of “credible deterrence”.

During 2009 the FSA made three criminal convictions and levied a total of £33.6 million worth of fines in relation to insider trading.

By Jim Ottewill

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