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L&G employee arrested in FSA insider dealing probe

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L&G employee arrested in FSA insider dealing probe

Legal & General Investment Management (LGIM) has revealed a 44-year-old man was arrested as part of an insider dealing investigation led by the Financial Services Authority (FSA) and the Serious Organised Crime Agency (Soca) was one of its employees.

The arrest was made following searches conducted on a London business address and two domestic premises in London and Kent.

The unnamed man has been released on bail pending further enquires.

LGIM said: 'We can confirm that a 44-year-old man employed by Legal & General Investment Management (LGIM) was arrested on 16 February and released on bail pending further enquiries.'

'We are not aware of any detriment caused to customers or any impact on our financial results.'

In March 2010, a number of business and domestic premises were searched and individuals arrested in the FSA’s largest ever insider dealing operation. Further searches were conducted in April 2011 and another arrest was made.

The FSA has so far secured 11 convictions in relation to insider dealing.

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