A former BlackRock fund manager was arrested April 30 as part of an insider trading probe by the U.K. Financial Conduct Authority (FCA), two people familiar with the matter told Bloomberg.
The news provider reports that the fund manager was detained along with an unidentified woman in west London, said one of the people, both of whom declined to be identified because the matter isn’t public.
An FCA spokesman declined to comment on the investigation.
The FCA said in a May 3 statement that a 41-year-old man and a 37-year-old woman were arrested when the City of London Police executed a search warrant.
The FCA is currently prosecuting seven other people for insider dealing, which carries a maximum sentence of seven years in prison upon conviction.
'The FCA has informed us that the allegations relate to actions carried out for personal gain, while off our premises, and that neither BlackRock, nor any other employee, is under investigation', a BlackRock spokesman e-mailed Bloomberg.
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