Home Estate Planning FCA: Three arrested in ‘major’ operation linked to insider dealing and organised crime

FCA: Three arrested in ‘major’ operation linked to insider dealing and organised crime

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A “major operation” by the financial watchdog and national crime body has arrested three men accused of insider dealing and money laundering linked to gangs.

The Financial Conduct Authority (FCA) and National Crime Agency (NCA) said it conducted an operation earlier in the month in which three London-based men were held.

The three were detained on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime.

Today the FCA announced a fourth was investigated under caution.

The arrests were made on 1 February according to the FCA, with the watchdog saying 38 officers were involved from their organisation, and the NCA, across three properties across London.

They added that three devices were seized in searches, while the three arrested were being interviewed under caution, and two were released under investigation. and one on unconditional bail.

Steve Smart, joint executive director with responsibility for delivering enforcement and market oversight for the FCA, said: “Insider dealing poses a significant threat to the integrity of financial markets both in the UK and overseas. The FCA is committed to combating organised criminal networks involved in this threat.

“We work tirelessly, using our own sophisticated monitoring systems and specialist teams, to identify and disrupt people involved at each stage of these trading events from the insider leaking information, people who sell inside information to traders and brokers who facilitate access to the trading market.

“Working with our domestic and international enforcement partners we will continue to use all the powers and tactics available to us to disrupt this threat.”

The FCA confirmed two of the arrested suspects were aged 52 and the third aged 50, while the fourth under investigation was 48.

Neither the individual or company names have been released.

The National Crime Agency has been asked for comment.

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