Reuters: Regulatory News: UPDATE 1-Six sent to prison for UK insider dealing ring

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UPDATE 1-Six sent to prison for UK insider dealing ring Jul 27th 2012, 11:01 Fri Jul 27, 2012 7:01am EDT LONDON July 27 (Reuters) - Six members of an illegal UK trading ring were sent to prison on Friday for what the judge described as a deliberate, planned and dishonest insider share dealing. The four-and-a-half month trial cost UK regulator the Financial Services Authority 5 million pounds ($7.85 million), its longest and most complex prosecution to date in its "credible deterrence" crack down on market abuses. "You knew precisely what you were doing," Judge Jeffrey Pegden told Southwark Crown Court in London, adding an element of deterrence was included in the prison terms due to the time-consuming nature of such cases. The six betrayed the principles of confidentiality and trust that are essential to the operation of the commercial world, the judge added. It marked a strategic push into so-called digital forensics whereby experts use the latest technology to sift through swathes of emails, telephone records and computers. The judge sentenced Ali Mustafa, who obtained confidential information on planned mergers from where he worked in the print room of UBS bank, to three and a half years in prison. The information was then used for trading which earned the ring over 700,000 pounds for the charges they were convicted. Pardip Saini and Paresh Shah were also sent down for three and a half years. Neten Shah was sent to prison for 18 months, while Bijal Shah and Truptesh Patel were imprisoned for two years each. The six were convicted on Monday. Link this Share this Digg this Email Reprints

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