Ex-Moore Capital Trader Ninth Charged in Insider-Trading Probe
Rifat was accused of trading using illegal tips in eight different companies including Barclays Plc (BARC), Volkswagen AG and Metro AG. He spoke only to confirm his name at the hearing. His case was transferred to a higher criminal court where he’s scheduled to appear on Feb. 12.
He is the ninth person to be charged in the U.K.’s largest insider-trading probe, dubbed Operation Tabernula, after the Financial Conduct Authority stepped up its efforts to prosecute the offense in the wake of the financial crisis. The agency hadn’t brought an insider-trading case before 2008.
Rifat was an execution trader in the London office of Moore Capital, a New York-based firm that oversees about $12 billion. He was taken into custody in 2010 on his 41st birthday and has been under investigation since.
Eight other men have been charged in the probe, including Deutsche Bank AG managing director Martyn Dodgson. One of the men, Iraj Parvizi, a former director at Aria Capital Ltd., pleaded not guilty in December. Dodgson and Parvizi’s case is being heard with Grant Harrison, a former managing director at Altium Capital Ltd., Benjamin Anderson, Andrew Hind and Richard Baldwin. The other five haven’t entered pleas.
Graeme Shelley, an independent stockbroker, and Paul Milsom, a former Legal & General Group Plc (LGEN) equities trader, have also been charged. A 10th suspect, Clive Roberts, who was the head of European sales trading at Exane BNP Paribas, hasn’t been charged.
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