Six arrested in FSA insider dealing probe

SIX men – including three senior City professionals – have been arrested in the Financial Services Authority's biggest ever operation against insider dealing.

The FSA says the men are believed to have passed information to traders – either directly or via middlemen – in a sophisticated and long-running insider dealing ring.

The traders then used this information to net themselves "significant profits".

Two of the senior figures worked at leading city institutions while the third was a professional at a hedge fund

The arrests come after the City watchdog and the Serious Organised Crime Agency searched 16 addresses this morning in London, the South East and Oxfordshire.

Documents and computers have been seized from residential and business premises.

This marks the fifth set of arrests since the FSA started to crack down on insider dealing since 2008.

Most recently former Cazenove partner Malcolm Calvert was sentenced to 21 months in jail after being found guilty of five counts of insider trading in three companies ahead of public takeover announcements.