6 Convicted Over $1.1M UK Inside Trading Scheme

Law360, New York (July 23, 2012, 2:39 PM EDT) -- Six people accused by the U.K.'s Financial Services Authority of making £732,000 ($1.1 million) in an insider trading scheme were found guilty Monday in the longest and most complex prosecution ever brought by the regulator, according to the FSA.

After a 4 1/2-month trial, Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel were found guilty of using inside information from investment banks to place spread bets between 2006 and 2008. The six will be sentenced July 27.

Tracey McDermott, director of...
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