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ARTICLE · 25 MARCH 2010

FSA Dawn Raids

CMS Cameron McKenna Nabarro Olswang
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The FSA and SOCA have arrested six men, including senior executives and a trader at a number of financial institutions, in what is thought to be the FSA's largest ever operation against insider trading.

United KingdomFinance and Banking
Simon Morris
Simon Morris
Alison McHaffie
Alison McHaffie

The FSA and SOCA have arrested six men, including senior executives and a trader at a number of financial institutions, in what is thought to be the FSA's largest ever operation against insider trading. The men were arrested on suspicion of involvement in a sophisticated and long-running insider-dealing ring, with investigations into the matter reportedly starting in late 2007. It is the first time that the organisations have worked together and, with over 140 police officers and FSA staff involved in the raids, is the strongest indication to date that the FSA is delivering on its promise to step up its efforts against financial crime. However, the success of this action will be in securing criminal convictions and jail sentences and it may be some time before we know whether FSA has found a smoking gun or a damp squib.

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