Five former finance professionals, including a one-time Deutsche Bank manager, will go on trial next week for insider trading, almost six years after the U.K. markets regulator sent shock waves through London with a series of dawn raids and arrests.
Bloomberg News reports that the five defendants, who include former bankers, accountants and day traders, are charged with conspiring to trade securities with inside information between November 2006 and March 2010. Jury selection in the case, which has been dubbed Operation Tabernula, will begin Monday at Southwark Crown Court.
The U.K. markets regulator started the probe amid criticism from politicians over its handling of the 2008 financial crisis and failure to prosecute anyone for insider trading. Seven men were arrested in early morning raids in 2010 and three more were apprehended later, making Operation Tabernula -- "little tavern" in Latin -- the largest insider-trading ring tackled by the watchdog, now known as the Financial Conduct Authority.
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