FSA insider trade charges expected

By Harry Wilson, Financial Services Correspondent 921PM GMT twenty-six March 2010

It is additionally approaching to recover on bail an additional 7 men arrested progressing this week in a apart investigation.

Two former imitation room employees of investment banks JP Morgan Cazenove and UBS are thought to be between those approaching to be charged subsequent week in propinquity to an purported insider trade ring detected scarcely dual years ago.

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The dual men described as "very junior" by one source with believe of the situation, were creatively arrested in Jul 2008 as piece of an review in to a organisation that allegedly used leaked understanding prospectuses from the dual banks to have trades forward of open announcements of transactions.

JP Morgan Cazenove and UBS are not themselves underneath review and have co-operated with the investigation.

Spokesmen for the banks declined to the comment. The FSA additionally declined to comment.

Separately, the FSA is subsequent week approaching to bail 7 men arrested on Tuesday and Wednesday, who are at the centre of the largest insider trade ring nonetheless investigated by the UK marketplace regulator.

One man, Iranian office worker Iraj Parvizi, has nonetheless to be interviewed by FSA staff as he stays in hospital, carrying been certified on Sunday to embrace diagnosis for a throat infection.

Mr Parvizi"s has denied any wrongdoing. His barrister Matthew Jenkins in a matter to the Press Association pronounced "He understands that the FSA is conducting an assumingly formidable exploration in to purported insider dealing. Mr Parvizi has not been charged with any corruption and energetically denies any wrongdoing."

Leading City banks BNP Paribas and Deutsche Bank, as well as US sidestep account Moore Capital, and boutique London attorney Novum Securities have all been drawn in to the review and are co-operating with the authorities.

Julian Rifat, an execution merchant at Moore Capital, additionally denied the allegations and pronounced he was "deeply distressed" by the accusation. Mr Rifat has hired Kingsley Napley partner Stephen Pollard, who represented Barings brute merchant Nick Leeson, to paint him.

The others questioned by the authorities in tie with the review are Clive Roberts, head of sales trade at Exane, in that BNP Paribas owns a 50pc interest but has minority choosing by casting votes rights; Martyn Dodgson, a Deutsche Bank handling executive who worked on the group advising the UK Treasury on bank bail-outs; and Graeme Shelley, a Novum Securities trader.

Nearly 150 FSA staff upheld by officers from the Serious Organised Crime Agency launched a array of raids on sixteen addresses on Tuesday in tie with the investigation.

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