Ex-Dresdner banker jailed in UK for insider dealing
A former Dresdner banker has been jailed for a record 3 years and 4 months for running an eight-year insider dealing scam in Britain as the financial regulator claimed its biggest victory in a battle against market abuse.
February 02, 2011 / 18:10 IST
A former Dresdner banker has been jailed for a record 3 years and 4 months for running an eight-year insider dealing scam in Britain as the financial regulator claimed its biggest victory in a battle against market abuse.
Christian Littlewood, who had pleaded guilty to eight counts of insider dealing but blamed his wife Angie and her Singaporean friend Helmy Omar Sa'aid for the extent of the illegal trading, is the most senior banker still working to be nailed by the Financial Services Authority (FSA).Angie, who teamed up with Sa'aid and used her husband's price-sensitive tip-offs to illegally trade around 2.0 million pounds (USD 3 million) worth of shares -- partly under her Singaporean maiden name Siew Yoon Lew -- was handed a 12 month suspended sentence by a London court on Wednesday.Sa'aid, who has already spent almost one year in jail since being extradited from the Comoros Islands in the Indian Ocean last March, was sent to prison for two years and will be deported to Singapore to serve most of the remainder of the sentence.The trio made around 590,000 pounds (USD 950,000) profit by trading illegally in takeovers candidates such as water group South Staffordshire Plc, Irish energy firm Viridian Group and utilities group Bristol Water between 2000 and 2008. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
