More City Workers Expected To Face Insider Charges

Bloomberg reports that UK securities regulator The Financial Services Authority (FSA) could charge as many as 11 people in the next few days, following a 2-year insider trading investigation codename operation Saturn.

The probe is said to involve accountants and spread-betters who are alleged to have obtained leaked data from deal prospectuses being printed for JPMorgan and UBS.

The fact that it has taken 2 years to bring charges doesn't bode well for the likes of Moore Capital hedge fund trader Julian Rifat, one of the 7 individuals arrested last week in connection with another big insider probe. Rifat has come out and protested his innocence through his lawyer, who has said: 'Mr Rifat denies the allegations that have been made against him. He is deeply distressed and is working to clear his name as soon as possible'.

The Independent quotes a spokesperson for the FSA, who has said: 'We arrested a couple last year and they were were only charged last week. That was two people in a simpler case. This investigation is much more complex'.

Finally, The Sunday Telegraph reports that, according to its unnamed City sources, the insider arrests made in London last week were part of an investigation into trading made ahead of fund-raising undertaken by Barclays, Segro and Taylor Wimpey between 2007 - 2009.

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