Stiff sentences for 'print room' insider trading ring
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Saturday 28 July 2012
The six men in the so-called "print room" insider trader ring were yesterday jailed for up to three-and-a-half years for what the judge called deliberate, planned and dishonest share dealing.
The stiff sentences were hailed as a victory by the Financial Services Authority, which spent £5m on the four-and-a-half month trial. Complex evidence proved Ali Mustafa stole secret documents about takeover deals from the print room at UBS where he worked. He shared them with his fellow ring members who bought shares on the back of the inside information.
Mustafa was sentenced to three-and-a-half years, as were Pardip Saini and Paresh Shah. Saini was key to distributing the information, the judge said. The ring profited by more than £732,000.
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