Insider Trader Ordered to Pay £570,000
A Confiscation Order of £572,283.21 has been made against Rupinder Sidhu. A costs order was also made in favour of the Financial Services Authority (FSA) who brought the case.
This follows his conviction at Southwark Crown Court on 15 December 2011 for 22 counts of insider dealing, for which he was sentenced to 2 years in prison.
The sum of £572,283.21 represents Sidhu’s benefit from insider dealing.
The Order can be paid out of funds which were restrained by the Court on the application of the FSA at the time of his arrest. If for any reason the sum of £572,283.21 is not paid within 28 days, Sidhu will be liable to serve an extra 5 years in prison.
The FSA has so far secured 11 convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa’aid on 10 January 2011 and Rupinder Sidhu on 15 December.