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Ex-LGIM sales trader faces charges in FSA insider dealing probe
by Daniel Grote on Jan 16, 2013 at 08:05
A former sales trader at Legal & General Investment Management (LGIM) is to appear before Westminster magistrate's court today as part of a Financial Services Authority (FSA) investigation into alleged insider dealing offences, the Financial Times has reported.
Paul Milsom will face charges alongside Graeme Shelley, a former broker at Novum Securities. Milsom, of Greenwich, London is accused of disclosing inside information to Shelley, of Amersham, Buckinghamshire, between October 30 2008 and March 16 2010, according to the FT. Shelley is accused of dealing in securities with inside information between October 30 and November 4 2008.
Milsom was one of seven suspects arrested in March 2010 after a series of dawn raids at the homes of employees of companies including Deutsche Bank and Moore Capital.
The raids were conducted by the FSA with assistance from the Serious Organised Crime Agency. LGIM confirmed in February last year that one of its employees had been arrested as part of the FSA's insider trading investigations.
According to the FT, five defendants have already been charged in connection with the investigation, although none of those defendants has formally entered a plea, with any trial not expected to start until early 2014.
Neither Milsom nor Shelley will have to enter a plea at today's preliminary hearing. The FSA and lawyers for both Milsom and Shelley declined to comment to the FT. LGIM referred to its previous statement that it was not aware the alleged incidents had affected its customers or financial results. The FT said Novum did not immediately respond to a request for comment.
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by Himanshu Singh on May 19, 2013 at 03:08