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U.K. Finance Regulator Arrests Three in Insider Trading Probe

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March 1 (Bloomberg) -- The U.K. finance regulator arrested three people in an insider trading investigation and searched premises in the northwest of England.

A 43-year-old man, 42-year-old man and a 35-year-old woman were arrested by the Financial Services Authority and local police in Lancashire and Cheshire and are in custody for questioning, the regulator said in a statement today. The searches of three locations took place this morning in Northwich and Rossendale.

The FSA, which hadn’t prosecuted insider trading before 2008, secured the longest-ever U.K. sentence for the crime a year ago when former Dresdner Kleinwort banker Christian Littlewood was imprisoned for 40 months after admitting illegal trading over a 10-year period, along with his wife and an accomplice.

To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net. ZLN <Equity>

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