Former trader jailed for four years for insider dealing

A former futures trader was yesterday sentenced to four years jail after being found guilty of insider dealing.

Richard Joseph, 43, was found guilty of six counts of conspiracy to deal as an insider at Southwark Crown Court. The court heard he was handed confidential and price-sensitive information from two investment banks about prospective takeover bids.

The information was given to him by Ersin Mustafa, a print room manager at JPMorgan Cazenove, who is now believed to be in north Cyprus. Mr Joseph, a self-employed trader, transferred a lot of cash to Mr Mustafa.

The pair used Pay As You Go mobiles and webmail "drop boxes" where confidential documents containing price-sensitive information were put for Mr Joseph to access. He then placed spread bets in the expectation that when the information became public the share price would rise and he would cash in.

When sentencing Mr Joseph, Judge Pegden said: "You knew precisely what you were doing. This was carefully planned and much discussed between you; before, during and after the trades. This was not isolated criminal behaviour."

It was also revealed yesterday that Mr Mustafa was a source of inside information in a high-profile case last summer when six people were jailed for a total of 16 years for an insider trading crime that netted them more than £732,000 in profits.

Meanwhile three men appeared at City of London Magistrates Court yesterday afternoon after being linked to a £40m Ponzi scheme related to electrical contracts in the hotel sector. Jolan Saunders, 36, Michael Strubel, 51, and Spencer Steinberg, 43, were the men charged in relation to the alleged investment fraud.

News
ebookA unique anthology of reporting and analysis of a crucial period of history
News
science
News
people
Life and Style
President Obama, one of the more enthusiastic users of the fist bump
science
Arts and Entertainment
Peter Griffin holds forth in The Simpsons Family Guy crossover episode
tv
Life and Style
Upright, everything’s all right (to a point): remaining on one’s feet has its health benefits – though in moderation
HealthIf sitting is bad for your health, what happens when you stay on your feet for a whole month?
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried