Pardip Saini, who was part of a six man insider ring, was today sentenced to 538 days imprisonment for failing to pay a Confiscation Order made against him. The Confiscation Order in the sum of £464,564.91 was made on 12 September 2014 at a hearing before HHJ Pegden QC at Southwark Crown Court following Mr Saini’s conviction for insider dealing. The period for Mr Saini to satisfy the Order expired on 12 March 2015. As of today’s date, £222,047.46 of that sum remains unpaid and interest is accruing at the daily rate of £48.67. Commenting on the case, Georgina Philippou, acting director of enforcement and market oversight, said: "The FCA welcomes the Court’s decision today. Individuals should not be able to benefit from their crimes and today’s outcome should serve as a warning to those considering committing insider dealing."
Compliance Complete, Thomson Reuters News