Six guilty in £730k insider dealing case

Six men have been convicted of offences relating to insider dealing which netted them £732,000 in profits.

Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel were all found guilty following a four and a half month trial at Southwark Crown Court. They had obtained confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids, which they then used to place spread bets. Among the company stocks they dealt with were Reuters, Biffa and Premier Oil and, trading between 1 May 2006 and 31 May 2008, they made a combined profit of £732,044.59. With hundreds of trading accounts and telephone records examined, the...