HedgeCo News - The Financial Services Authority (FSA) visited the offices of independent UK securities stockbroker, Novum Securities, on the 23 March in relation to an investigation into a single member of staff, who has been with the firm since July 2009.
Novum Securities said that they have, "been cooperating fully with the investigation and will continue to do so."
In what is being called the largest insider trading crackdown in Britain’s history, an operation was carried out this week by 143 FSA personnel together with officers from the Serious Organised Crime Agency (SOCA).
A junior trader for Moore Capital was arrested at the hedge fund's office in Mayfair and an employee in Deutsche Bank’s office was also taken for questioning. All together, 6 mix men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.