London: UK financial sector regulator FCA yesterday said seven insider dealers, which include at least five of Indian origin, have been ordered to pay 3.2 million British pounds (about Rs 32 crore) in confiscation.
These persons were convicted of making a combined profit of 732,044.59 British pound on trading between May 1, 2006 and May 31, 2008, the Financial Conduct Authority (FCA) said.
A case brought by the FCA and heard at Southwark Crown Court Confiscation Orders (the Orders) totalling 3.25 million British pounds were made by the judge between September 10-15, 2014 against Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Richard Joseph, the regulator said.
Besides, Richard Joseph was sentenced to four years imprisonment for Insider Dealing offences. His trading resulted in a net profit of 591,117 British pounds on trading between September 2007 and July 2008.
In addition, Richard Joseph and Neten Shah were also ordered to pay a costs order of 200,000 British pounds and 100,000 British pounds, respectively.
The British regulator has previously also secured convictions in relation to insider dealing against persons of Indian origin, while it is currently prosecuting eight other individuals for insider dealing.
These persons were convicted of making a combined profit of 732,044.59 British pound on trading between May 1, 2006 and May 31, 2008, the Financial Conduct Authority (FCA) said.
A case brought by the FCA and heard at Southwark Crown Court Confiscation Orders (the Orders) totalling 3.25 million British pounds were made by the judge between September 10-15, 2014 against Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Richard Joseph, the regulator said.
Besides, Richard Joseph was sentenced to four years imprisonment for Insider Dealing offences. His trading resulted in a net profit of 591,117 British pounds on trading between September 2007 and July 2008.
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In addition, Richard Joseph and Neten Shah were also ordered to pay a costs order of 200,000 British pounds and 100,000 British pounds, respectively.
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The British regulator has previously also secured convictions in relation to insider dealing against persons of Indian origin, while it is currently prosecuting eight other individuals for insider dealing.
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