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Police question Legal and General employee held over insider dealing Police question Legal & General employee held over insider dealing
(about 17 hours later)
A 44-year-old man employed by Legal & General was arrested on Thursday as part of a wide-ranging investigation by the Financial Services Authority and the Serious Organised Crime Agency into insider dealer.A 44-year-old man employed by Legal & General was arrested on Thursday as part of a wide-ranging investigation by the Financial Services Authority and the Serious Organised Crime Agency into insider dealer.
He was interviewed under caution at a London police station before being released on bail pending further inquiries.He was interviewed under caution at a London police station before being released on bail pending further inquiries.
In a brief statement, the FSA said its searches at a "London business address and two domestic premises in London and Kent", were linked to an ongoing investigation it is conducting jointly with Soca.In a brief statement, the FSA said its searches at a "London business address and two domestic premises in London and Kent", were linked to an ongoing investigation it is conducting jointly with Soca.
"The searches and arrest arise out of a complex insider dealing investigation which is being conducted by the Financial Services Authority and the Serious Organised Crime Agency," the FSA said."The searches and arrest arise out of a complex insider dealing investigation which is being conducted by the Financial Services Authority and the Serious Organised Crime Agency," the FSA said.
L&G did not identify the individual but confirmed that a "44-year-old man employed by Legal & General Investment Management was arrested on 16 February and released on bail pending further inquiries".L&G did not identify the individual but confirmed that a "44-year-old man employed by Legal & General Investment Management was arrested on 16 February and released on bail pending further inquiries".
"We are not aware of any detriment caused to customers or any impact on our financial results. We are unable to provide any further details at this time," L&G said."We are not aware of any detriment caused to customers or any impact on our financial results. We are unable to provide any further details at this time," L&G said.
In March 2010 the FSA announced that six men had been arrested in dawn raids as part of its biggest ever crackdown on insider dealing. At the time around 143 police officers and FSA staff were required to conduct the raids, which the authority described as its "largest-ever operation against insider dealing".In March 2010 the FSA announced that six men had been arrested in dawn raids as part of its biggest ever crackdown on insider dealing. At the time around 143 police officers and FSA staff were required to conduct the raids, which the authority described as its "largest-ever operation against insider dealing".
Yetserday the FSA said that those individuals had been "interviewed under caution and remain under investigation".Yetserday the FSA said that those individuals had been "interviewed under caution and remain under investigation".
The FSA added that in April this year further searches were conducted and a further arrest was made. "The investigation is ongoing," the FSA said.The FSA added that in April this year further searches were conducted and a further arrest was made. "The investigation is ongoing," the FSA said.
Insider dealing involves individuals trading on information that is private and not widely known in the market and profiting from trading ahead of official announcements. It is an offence that the FSA has pledged to crack down on but can be difficult to prove – even though by the FSA's own calculations there are "suspicious price movements" in 29% of takeovers.Insider dealing involves individuals trading on information that is private and not widely known in the market and profiting from trading ahead of official announcements. It is an offence that the FSA has pledged to crack down on but can be difficult to prove – even though by the FSA's own calculations there are "suspicious price movements" in 29% of takeovers.
But the FSA has since March 2009 secured 11 convictions for insider dealing and is prosecuting 16 other individuals, including a trial of seven people which begins on 27 February.But the FSA has since March 2009 secured 11 convictions for insider dealing and is prosecuting 16 other individuals, including a trial of seven people which begins on 27 February.
The first conviction, in March 2009, was of Christopher McQuoid, the former general counsel of TTP Communications, and his father-in-law, James Melbourne, who were each found guilty on one count of insider dealing at Southwark crown court.The first conviction, in March 2009, was of Christopher McQuoid, the former general counsel of TTP Communications, and his father-in-law, James Melbourne, who were each found guilty on one count of insider dealing at Southwark crown court.