Financial Conduct Authority
Three charged with insider dealing
As part of an investigation by the Financial Conduct Authority Manjeet Singh Mohal (DOB: 03/04/1957), Reshim Birk (DOB: 18/11/1961) and Surinder Pal Singh Sappal (DOB: 19/08/1963) all of Southall, Middlesex appeared before Westminster Magistrates’ court in respect of offences of insider dealing, contrary to Sections 52(1) and 52(2)(b) of the Criminal Justice Act 1993.
Mohal appeared in respect of two counts of insider dealing by disclosure of inside information, Birk in respect of one count of insider dealing by dealing in securities (shares and options) and Sappal in respect of one count of insider dealing by dealing in securities (shares).
The offences relate to trading in Logica PLC shares in May and June 2012.
Notes to editors
- The FCA, and previously the Financial Services Authority, have secured 27 convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010,Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010, Helmy Omar Sa'aid on 10 January 2011, Rupinder Sidhu on 15 December, James and Miranda Sanders together with James Swallow in May 2012, Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel on 27 July 2012, Thomas Ammann on 13 December 2012, Paul Milsom on 7 March 2013, Richard Joseph on 11 March 2013, Graeme Shelley on 27 March 2014, Julian Rifat on 7 November 2014,Ryan Willmott on the 26 February 2015 and Paul Coyle on the 3 March 2015.
- The FCA is currently prosecuting seven other individuals for insider dealing:
Martyn Dodgson - 11 January 2016
Andrew Hind - 11 January 2016
Benjamin Anderson - 11 January 2016
Iraj Parvizi - 11 January 2016
Richard Baldwin - 11 January 2016
Grant Harrison - 11 January 2016
Damian Clarke - Trial date to be confirmed
- The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FCA’s market abuse hotline on 020 7066 4900.
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- You can find more information about the FCA, as well as how it isdifferent to the PRA.
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