Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
22/06/2010
Former hedge fund trader sentenced for insider trading
Ex-hedge fund trader and risk manager Anjam Saeed Ahmad of AKO Capital has been sentenced to 10 months, suspended for two years, in prison after pleading guilty to conspiracy to commit insider dealing.
Ahmad, whose case was heard at Southwark Crown Court, was further sentenced to 300 hours of community service and fined $50,000.
The case against Ahmad, which was brought by the UK Financial Services Authority, revealed that, between 15 May 2009 and 22 August 2009, he conspired with another individual to trade 19 different securities based on inside information obtained by his role at AKO.
“This is a significant step in our fight against market abuse,” said Margaret Cole, director of enforcement and financial crime at the FSA.
“The FSA has shown that we will take tough action and use all the tools at our disposal to achieve our aim of credible deterrence in the financial markets. Insider dealers should recognise the real risk of being pursued through the criminal courts and stripped of the benefits of their crimes,” she continued.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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