Four years for insider trading

City A.M. Reporter
A FORMER City trader was yesterday sentenced to four years in jail after being found guilty of six counts of insider dealing.

Richard Joseph, 43, was accused of using information leaked to him by Ersin Mustafa, a print room manager at JP Morgan Cazenove.

Mustafa, who the Financial Services Authority (FSA) believes is now in north Cyprus, was also the source for six other prosecutions for insider trading made last summer, the FSA said.

Joseph, a former futures trader, made over half a million pounds between September 2007 and July 2008 while working as a self-employed trader.

“It is plain to me that you knew precisely what you were doing,” the Judge told him.