Bloomberg News reports that Rifat, 45, entered a guilty plea to a charge brought by the U.K. Financial Conduct Authority, relating to trading using illegal tips in companies including Barclays, Volkswagen and Metro. A sentencing date was scheduled for January.
Rifat, who was arrested on his 41st birthday in 2010, was an execution trader in the London office of Moore Capital, a firm that oversees about $15bn, and is one of the most high-profile people the regulator has pursued.
'In this case measures were taken by those involved to conceal their activities - this included communicating via unregistered Pay As You Go mobile telephones and the diversion of trading profits to third parties', Tracey McDermott, the FCA’s director of enforcement and financial crime, said in a statement. 'The guilty plea today is a reflection of our capability and determination to tackle these challenging and complex cases'. Rifat declined to comment.
To access the complete Bloomberg News article hit the link below