Remember this quote?
“PEOPLE SHOULD BE VERY FRIGHTENED OF THE FSA”.
Those words, uttered by FSA boss Hector Sants earlier this month, were the subject of much ridicule in London’s Square Mile.
But who is laughing now? (emphasis ours):
The Financial Services Authority (FSA) today arrested two people, including a senior corporate finance adviser, in connection with an ongoing investigation into suspected organised insider dealing. Search warrants were also executed by the FSA at a number of addresses in Greater London as part of the investigation. The operation carried out this morning involved 25 FSA staff, assisted by 11 officers from the City of London Police, and is part of the FSA’s work to tackle market abuse. No further details can be confirmed at this time.
A senior corporate finance adviser! An altogether different league from the bungling solicitor and father in law who were found guilty of insider trading last week.
Related links:
The FSA guide to insider dealing – FT Alphaville
On insider dealing, City watchdog is finding its snarl – FT