REGULATOR LANDS CONFISCATION ORDERS OF OVER £3 MILLION VS INSIDER DEALING RING MEMBERS – 15th Sept 2014

Confiscation orders totalling over £3 million have been made against seven men convicted of an insider dealing scam involving City firms that netted them over £1 million in illegal profits. In a hearing held at Southwark Crown Court His Honour Judge Pegden QC made orders totalling £3,249,488 against Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Richard Joseph. All apart from Joseph were convicted following a Financial Services Authority (FSA) trial, the largest and most complex case of its kind, in July 2012. Joseph, an unemployed spread better, was jailed for four years in March the following year after being found guilty of six counts of conspiracy to commit insider trading following a six-week trial. He netted nearly £600,000 from the scam. Joseph was fed inside information from Ersin Mustafa, a print room manager at JP Morgan Cazenove, who later fled the country and is still on the run from police.

Source – Complinet