On March 31, the UK Financial Services Authority(FSA) announced that it arrested a “senior corporate finance adviser” and another individual in connection with an ongoing investigation into suspected organized insider dealing. Search warrants were also executed by the FSA at a number of addresses in Greater London as part of the investigation. The FSA announced that its arrest operation involved 25 FSA staff, assisted by 11 police officers.

In a separate development, both defendants found guilty in the FSA’s first criminal insider dealing prosecution (as reported in the March 27 edition of Corporate and Financial Weekly Digest) were sentenced to jail terms of eight months.