A convicted insider trader was yesterday told he must spend a further 538 days in prison for failing to cough up a court order of more than £450,000.
Pardip Saini had been ordered to pay £464,565 by 12 March after being sentenced to three-and-a-half years in jail for insider trading in 2012.
The Financial Conduct Authority (FCA) said £222,047 remained to be paid and that interest was accruing at a daily rate of £48.67.
“The FCA welcomes the court’s decision today,” said FCA acting director of enforcement and market oversight Georgina Philippou. “Individuals should not be able to benefit from their crimes and today’s outcome should serve as a warning to those considering committing insider dealing.”
Saini was originally convicted for dealing while in possession of inside information on six companies. These were Reuters, Biffa, Premier Oil, Vega Group, Enodis and Thus Group.