Mar 242010
FT.com / UK / Business – FSA dawn raids rock City institutions.
Three prominent financial institutions, Deutsche Bank, BNP Paribas and Moore Capital, were on Tuesday embroiled in the UK’s biggest insider dealing case yet after dawn raids at 16 locations led to the arrests of six people.
More than 140 officers from the Financial Services Authority swooped on premises across London and the south-east, seizing documents and computers from both Deutsche’s and BNP’s UK headquarters as well as Mayfair-based Moore Capital.
Three City professionals, including senior executives at Deutsche and BNP and a trader at Moore Capital, were among those arrested on suspicion of being involved in what the FSA called a “sophisticated and long-running” insider dealing ring.
Most insider dealing is booked through secrecy jurisdictions, of course.
2 Responses to “FSA dawn raids rock City institutions”
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“Most insider dealing is booked through secrecy jurisdictions, of course.”
Richard – come on – what is your evidence for this?!
The Girrl
Exactly what I was going to say. Where is the evidence. The FSA are clearly having a go at insider trading, I have read the press notices/ releases re their convictions etc over the last year or so…nowhere do I remember them saying that the insider dealing was booked through a secrecy jursiction. Mind you it depends what you call a secrecy jurisdiction. Last week the USA & UK were listed as two of the biggest so maybe Richard is right after all.
I’ll leave you with an interesting statistic. 66% of corporate frauds in the USA in 2009 were undertaken by accountants. Does that tell you anything about accountants?