U.K. Management Consultant Denies Insider-Trading Charges
Rupinder Sidhu, a management consultant, pleaded not guilty to 23 counts of insider trading and one count of money laundering at a London court.
Sidhu is charged with dealing in securities of companies such as Julius Baer Group Ltd. (BAER), Swatch Group AG, Reed Elsevier Plc and Michael Page International Plc, while knowing London hedge fund AKO Capital LLP, planned transactions in the same shares, according to the indictment. The trades took place in 2008 and 2009.
Judge Nicholas Loraine-Smith said the trial should start on November 28. It’s scheduled to last as long as three weeks. The U.K’s Financial Services Authority brought the case.
The FSA, which hadn’t prosecuted a case of insider trading until 2008, is currently prosecuting 12 other individuals for the crime and has won 10 convictions.
The regulator in February secured the longest-ever U.K. sentence for insider dealing when former Dresdner Kleinwort banker Christian Littlewood was imprisoned for 40 months. He admitted illegally trading over a 10-year period, along with his wife and an accomplice.
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