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WH Ireland said to be part of FSA insider dealing probe
by Dylan Lobo on Mar 02, 2012 at 07:53
WH Ireland is reported to have placed one of its traders on leave amid the Financial Services Authority clamp down on insider trading.
According to the Financial Times the trader works for the wealth manager's Manchester branch and works on the UK equity desk and was put on leave after a request for information from the financial watchdog.
The news comes after three individuals were arrested yesterday in connection to insider trading. The total number of people who have been taken into custody since the investigation begun is 12, including a trader who worked for L&G Investment Management.
The FSA has widened its net to the hedge fund world with David Einhorn, owner of the prominent US hedge fund Greenlight Capital, fined £7.2 million for engaging in market abuse in relation to a fund raising by Punch Taverns.
It is understood that overall FSA is investigating deals with a combined worth of £22 million in relation to share trades in Barclays, Collins Stewart, Wolseley, Petrofac, National Express and Scottish & Newcastle.
News of the WH Ireland trader comes in the same week the firm struck a £500,000 deal to acquire 8,000 clients from Pritchard Stockbrokers.
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