July 23, 2012 / 3:44 PM / 6 years ago

Six found guilty in UK insider dealing ring

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

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