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.
– Tracey McDermott, acting director of the FSA's enforcement and financial crime division
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."