Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ex-LGIM sales trader to plead guilty in FSA insider dealing probe

Ex-LGIM sales trader to plead guilty in FSA insider dealing probe

A former sales trader at Legal & General Investment Management (LGIM) has indicated he will plead guilty in a Financial Services Authority (FSA) investigation into alleged insider dealing offences, the Financial Times has reported.

Paul Milsom told Westminster Magistrates Court on Wednesday that he intended to plead guilty to one count of insider trading brought by the FSA as a result of Operation Tabernul, the FT reported.

He appeared in court alongside Graeme Shelley, a former broker at Novum Securities, who indicated no plea.

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter