An Essex man has been jailed for his part in an insider dealing ring.
Southwark Crown Court heard Ali Mustafa, a print room assistant at UBS, and his brother Ersin, an operations manager in the confidential print room at JP Morgan Cazenove stole documents on secret takeovers or mergers.
They then passed them on to five traders, who made a profit of more than £700,000 by spread betting. Ali Mustafa, 31, of Basildon, was jailed for three years six months.
Also jailed for three-and-a-half years were Pardip Saini, 39, of Plumstead and Paresh Shah, 47, of Potters Bar.
Traders Bijal Shah, 37, of Harrow, and Truptesh Patel, 49, of Wapping, received two year terms. Neten Shah, 49, of Edgware, north London was sentenced to 18 months. Broker Mitesh Shah, 45, from New Barnet, was acquitted at an earlier hearing of insider dealing, while Ersin fled to Northern Cyprus.
They thought that by attempting to cover their tracks they would get away with their criminal conduct. This investigation and these sentences should send a clear message to anyone else who might be tempted to do the same. Insider dealers are criminals, no more and no less, and we are committed to using all the tools at our disposal to bring them to justice."
– Tracey McDermott, acting director of the FSA's enforcement and financial crime division
A former Army cadet from Suffolk has received £27,500 after being left with the hearing of an 80-year-old following a firing drill.
Storm Rae, 23, had to give up a Sandhurst scholarship after suffering ear damage during an exercise in Norway, her lawyers, Irwin Mitchell, said.
The firm claimed Miss Rae was given insufficient ear protection and suffered permanent and constant tinnitus. Her hearing was described as that of a typical 80-year-old.
The Ministry of Defence did not admit any wrong-doing but has agreed to a £27,500 out-of-court settlement, a statement added.
When I got into Sandhurst I was delighted, it is the peak of Army training and everyone dreams of going there.I was just completely devastated when I found out that I had suffered permanent damage and would no longer be able to go to the academy or even enter the Army at all.
– Storm Rae, former Army Cadet
She is now living in London and training for a job in financial services.