Following a prosecution brought by the FSA, Richard Joseph was found guilty at Southwark Crown Court of six counts of conspiracy to deal as an insider. Joseph received inside information from a print room manager at JP Morgan Cazenove and used it to place spread bets. He made a profit of £591,117 from the deals.
In a press release the FSA stated that “This conviction once again underscores our determination to take the strongest possible action against anyone involved in insider dealing.”
The FSA is currently prosecuting six other individuals for insider dealing and has so far secured convictions for 22 others since the start of 2009.