The Financial Services Authority reports that former futures trader Richard Joseph has been sentenced to four years for six counts of conspiracy to deal as an insider. Joseph’s trading resulted in a net profit of £591,117 on trading. He was provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids by a print room manager at JP Morgan Cazenove.
Tracey McDermott, director of enforcement and financial crime, said:
This conviction once again underscores our determination to take the strongest possible action against anyone involved in insider dealing. Joseph embarked on a sophisticated scheme which was designed to enable him to profit from exploiting confidential price sensitive information and at the expense of other market users. In less than a year his criminal conduct netted him sums of money most people can only dream of. For a time he no doubt thought this was easy money. This verdict should send a clear message about the consequences to anyone else who might be tempted to do the same.