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.