Update: Julian Rifat is the equity-execution trader at Moore Capital Management that was served with a search warrant, according to Bloomberg.—-
Tons of people are invested in Moore Capital and they must be freaking out right now.
This morning, we found out that sixteen employees of a London hedge fund had their homes searched by the FSA.
The hedge fund in question was a mystery. Now BBC has the exclusive:
“One person at Moore Capital and five other City workers are being held.
“Those arrested are suspected of taking part in a long-running insider-dealing scheme.”
Six total people were arrested. One is from Moore Cap, a trader who worked at the hedge fund’s equity execution desk. Another is from Deutsche Bank.
Moore Capital is at the centre of the investigation.
“Documents and computers were seized from [Moore Cap’s] premises in London, the South East and Oxfordshire”
A spokesman for Moore Capital in New York sent us the following statement:
This morning representatives of the FSA were at our London office to serve a search warrant for documents relating to an employee of Moore Europe working as an execution trader on its London Equity Execution desk. We understand from the FSA that the investigation concerns possible insider dealing and the investigation of the employee does not involve any of the funds managed by Moore Capital.
Moore is co-operating fully with the FSA in its investigation. The employee has been placed on administrative leave pending completion of the investigation.
This is huge news. Moore Capital is a $13 billion hedge fund its founder, Louis Bacon Moore, is one the the richest men in the world.
So far, there’s no U.S. connection to the case. We asked the SEC if they were involved in the investigation, but they wouldn’t comment, telling us “[as] general policy, we can neither confirm nor deny existence or non-existence of any investigations.” We did not immediately hear back from the FBI or the U.S. Attorney’s office in Manhattan about a similar request.
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