The FSA charged Anjam Ahmad, an ex-Citi and AKO Capital trader with insider trading today, reports Bloomberg.The allegedly insider trades took place between June and August 2009 and in question are 22 different shares.
Ahmad was at AKO Capital until September 2009, when he left the firm, according to Bloomberg. Before AKO, he was an investment adviser at Citigroup Inc.
Apparently this new case has nothing to do with the previous two scandals involving, separately, the Moore Capital trader and Gartmore portfolio manager (Gartmore’s actually wasn’t anything to do with insider trading, but it’s a scandal). It’s just a result of the FSA cracking down harder on insider trading.
Three cases in two months, what the heck was the FSA doing before lawmakers criticised them for not regulating enough?
No news on what he was doing, but obviously an affiliation with an insider trader who is no longer with AKO Capital prompts the question, why did Ahmad leave one month after the allegedly insider trades ceased? Did AKO know anything?
AKO maintains that the 22 trades in question were personal and had nothing to do with their firm.
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