Joint FSA/SEC investigation leads to insider dealing charges

A former Deloitte Tax partner and his wife have been charged with insider dealing by the SEC in the US as part of a joint investigation with the FSA.

Arnold and Annabel McClellan, of San Francisco, California, were charged with repeatedly leaking confidential merger and acquisition information to family members overseas in a multi-million dollar insider trading scheme. The investigation, which also involved the US Department of Justice the Federal Bureau of Investigation, is directly related to recent charges against five individuals in the UK from Blue Index Limited. Margaret Cole, the FSA's managing director of enforcement and financial crime, says: "Whilst we cannot comment on the facts of this case, the insider dealing charges...