Five Charged With Insider Trading In London, Including A Husband And Wife


While the US financial industry is still spinning from this week’s huge insider trading investigation announcements, five people who worked for now-closed London derivatives broker Blue Index, have been charged with insider trading over claims they traded before seven merger announcements, Bloomberg reported.

Blue Index’s co-owners as a well as a senior trader, and two former employees, were charged with seventeen offenses related to insider trading “ahead of a string of takeover deals between 2006 and 2008,” more than a year after their arrests in 2009.

One co-owner, James Paul Sanders, was also charged with three more counts of disclosing insider information, the UK Financial Services Authority (FSA) said.

Sanders and his wife Miranda (who used to work for the firm) “completely deny each and every one of the allegations,” their lawyer said. Adam Buck, who also used to work for Blue Index, says he is totally innocent and “looks forward to clearing his name in court.”

The other owner, James Swallow, wouldn’t comment. And Christopher Hossain, a senior trader, also hasn’t said anything to the press.

Blue Index, which was founded in 2001, was forced to close in May last year after the FSA shuttered its trading desk and made the arrests.

For more details, go to Bloomberg >

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