The U.K.’s Financial Services Authority will focus its insider-trading investigations on senior London financial workers as part of its deterrence strategy, the finance watchdog’s acting enforcement chief said.
The FSA, which was set up in 1997 and prosecuted its first criminal case of insider trading in 2008, is “determined to take insider dealing enforcement right into the heart of the city,” Tracey McDermott, acting head of enforcement at the FSA, said in an interview in London yesterday, hours before Galleon Group LLC co-founder Raj Rajaratnam was convicted in New York of insider trading.
