Blue Index case sees charges filed in US
Wednesday 01 December 2010
Financial watchdogs in America last night brought charges against two people alleged to be involved in a transatlantic insider trading ring.
The Securities & Exchange Commission alleged that Arnold McClellan, a former tax partner with Deloitte, and his wife, Annabel, provided advance notice of at least seven confidential acquisitions planned by the accountancy firm's clients to Mrs McClellan's sister and brother-in-law in London.
The UK Financial Services Authority has already filed charges against the pair, James Sanders, co-owner and director of the City brokerage Blue Index, and his wife, Miranda. They were last week jointly charged with seven offences of insider dealing relating to trading ahead of seven takeover announcements.
Charges were also filed against Christopher Hossain, a senior trader of Blue Index, James Swallow, co-owner and director of Blue Index and Adam Buck, a former employee of Blue Index and close associate of Mr Sanders. The offences are all alleged to have taken place between October 2006 and February 2008. All five of the individuals concerned have been bailed by City of London Police to appear at City of Westminster magistrates' court on 20 December.
"The McClellans might have thought that they could conceal their illegal scheme by having close relatives make illegal trades offshore. They were wrong," said Robert Khuzami, director of the SEC's enforcement division.
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