Asif Butt is a 34 year-old former compliance officer over at CSFB. He is in Southwark Crown Court in the UK this week, charged with four others that he entered into a conspiracy to commit insider dealing between 31st July 1998 and 17th January 2002, when all five were arrested.
Butt is accused of passing on price-sensitive information to the others, who are said to have used spread bets with IG Index to make money when the nominated stocks moved as predicted. One of Butt's responsibilities at CSFB was to apparently monitor the firm's corporate client 'watch list' - a list of clients preparing to issue profit warnings or announce takeover/acquisition talks.
Prosecuting QC James Curtis said of Butt, that he secured an 'unlawful and unfair advantage over the general public, who did not have the specialists' knowledge he had and used......The sanctity, the reputation of the highly regulated London stock market was damaged'.
The bets themselves were said to be worth around £2m and Butt is believed to have kept about 80% of his 'winnings'. Butt and the others deny the charges. The court will have to get to the bottom of it all.