Six arrested in “largest ever” insider dealing investigation

Six men, including two senior city professionals, have been arrested in the Financial Services Authority’s “largest ever” operation against insider deal.

As part of the operation, the first jointly carried out between the FSA and the Serious Organised Crime Agency, 16 addresses have been searched this morning in London, the South-east and Oxfordshire with both documents and computers seized from residential and business premises.

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The six men have been arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring. It is believed that the city professionals passed inside information to traders, either directly or via middlemen, who traded based on this information and have made significant profits as a result.

The operation was carried out by 143 FSA personnel together with officers from SOCA as part of a joint investigation that commenced in late 2007.

No further details can be confirmed at this time