Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Ex-LGIM sales trader faces charges in FSA insider dealing probe

Ex-LGIM sales trader faces charges in FSA insider dealing probe

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter