Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter