LONDON (Reuters) - Six people were found guilty on Monday of taking part in an insider dealing ring that netted over 700,000 pounds ($1.09 million) after the longest and most complex prosecution brought by Britain’s Financial Services Authority.
The six obtained confidential and price-sensitive information from investment banks about proposed or forthcoming takeover bids between 2006 and 2008, including Reuters, Vega, Premier Oil, Thus and Enodis.
“The defendants were involved in a long running, sophisticated and very profitable scheme. Indeed, several of the defendants derived the majority of their income from the scheme,” FSA acting director of enforcement, Tracey McDermott, said in a statement.
The six will be sentenced on Friday.
($1 = 0.6447 British pounds)
Reporting by Huw Jones