Home Money FCA organised crime crackdown prompts London arrests

FCA organised crime crackdown prompts London arrests

by Elijah
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Arrests: Financial investigators arrested three London-based people on suspicion of insider trading
  • Suspicious trading by OCG members flagged by FCA earlier this month

Arrests have been made in London after the city’s watchdog launched an investigation into insider trading and organized crime groups.

The Financial Conduct Authority said on Wednesday that three people had been arrested on suspicion of insider trading, conspiracy to engage in insider trading and money laundering linked to organized crime.

The regulator said it had carried out a “major operation” alongside police and the National Crime Agency to arrest the individuals.

Arrests: Financial investigators arrested three London-based people on suspicion of insider trading

More than 38 FCA and NCA officers were involved in the operation at three residential properties in London on February 1.

A number of digital devices were seized in searches by FCA investigators.

According to the FCA, two of the arrested suspects were 52 years old and the third was 50.

The three people were interviewed under bail by the FCA, two of them were released under investigation and one on unconditional bail.

On February 13, a fourth suspect, a 48-year-old man, was questioned under caution and remains under investigation, the FCA added.

Steve Smart, joint chief executive responsible for ensuring compliance and market oversight at the FCA, said: “Insider trading represents a significant threat to the integrity of financial markets both in the UK and abroad. The FCA is committed to combating organized criminal networks involved in this threat.

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If you have information about insider trading, you can contact the Financial Conduct Authority by telephone on 0800 111 6768 or by using a online web form and pass information confidentially.

‘We work tirelessly, using our own sophisticated monitoring systems and specialist teams, to identify and disrupt people involved at every stage of these trading events, from insider leakers, to people selling insider information to traders and brokers that facilitate access to the commercial market. .’

He added: “Working with our national and international partners, we will continue to use all available powers and tactics to thwart this threat.”

The FCA said it would make further announcements on the matter “when appropriate”.

This month, the FCA published its latest Market Watch report, focusing on trading by organized crime groups (OCGs).

The results said: “Suspicious trading by OCG members in products whose underlying securities are UK and internationally listed shares form a significant component of the overall volume of suspicious trading we observe in the stock markets.”

The FCA added: “Any group that takes premeditated and deliberate steps to commit market abuse presents a significant risk to market integrity.”

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