KINGSLEY Napley partner Stephen Pollard has been retained by Julian Rifat of Moore Capital, one of seven people arrested on Tuesday in connection with an insider dealing probe. He is one of the first legal counsel to be instructed on the matter.
As City A.M. learnt of Pollard’s appointment, it emerged that lawyers close to the matter expected at least a six-month waiting period before the seven individuals are charged, if they end up facing charges. Lawyers close to the matter said charges were likely to be laid in the autumn after the Financial Service Authority (FSA) completes its investigation.
The seven figures who were arrested have all been released. Currently it is unclear which other legal counsel have been retained.
Meanwhile, shares in biotech group FuturaGene closed down 19 per cent at 57.25p yesterday after City A.M. disclosed that two of its shareholders were among the seven people who had been arrested. Iranian national Iraj Parvisi, who owns a 15.7 per cent stake, was questioned along with veteran stockbroker Ben Anderson, who has a stake in excess of five per cent.
The company has said that neither men were privy to sensitive company information.
Among the other financial figures apprehended by police earlier this week is Deutsche Bank managing director Martyn Dodgson.
Dodgson held a role last year advising the HM Treasury on a capital raising initiative for Lloyds Banking Group, which eventually allowed the bank to pull out of the government’s Asset Protection Scheme.
Dodgson joined Deutsche Bank a little over a year ago from defunct investment bank Lehman Brothers and prior to that he held a role at Morgan Stanley.
Deutsche Bank said that it was cooperating fully with the appropriate authorities during the investigation.
The FSA launched its investigation into the alleged insider trading ring over three years ago. The FSA joined forces with the Serious Organized Crime Agency to follow through with the case, which saw more than 140 FSA enforcement staff, led by Margaret Cole, search 16 properties.
STEPHEN Pollard of law firm Kingsley Napely is one of the City’s best known criminal lawyers.
Pollard is famous for his role defending former Barings Bank trader Nick Leeson in 1995.
Leeson was sentenced to six-and-a-half years in Changi prison after his rogue trades led to the downfall of Barings.
He recently landed an instruction advising one of the seven accused of insider trading after a series of arrests were made by the Financial Services Authority (FSA).
Pollard suggested earlier this month that the FSA will “just carry on in the hope that they will crack the big one”.
He said the arrests made before Tuesday would give the FSA “confidence they are establishing a bit of a track record – albeit not quite the people they hoped they would prosecute”.
Pollard has played his part in a raft of significant cases, including advising as one of a team which successfully saw Kosovo Liberation Army member and the Prime Minister of Kosovo acquitted of war crime allegations brought against him in the Hague over the Serb invasion of Kosovo.
He also played a role advising on the Bloody Sunday inquest.
He has been a partner at Kingsley Napley for 11 years and regularly advises on criminal investigations by the FSA, criminal cartels and extradition requests.