LONDON (Reuters) - Three City of London professionals have been arrested on suspicion of insider dealing and market abuse after police and regulators launched dawn raids on their homes and offices in the capital in the latest crackdown on illegal trading.
Britain's Financial Services Authority (FSA) said on Wednesday the three men, aged 33, 37 and 39 - who are not linked to any other ongoing insider dealing investigation - were in custody awaiting questioning. It declined to comment further.
The three are London professionals and are all employed at firms in the capital, one source with knowledge of the investigation said. The men have not been charged.
Britain's top financial regulator, which is determined to deter a crime that once went largely unpunished, is currently prosecuting six others for insider dealing. It has secured 21 convictions for the offence, which can carry a jail sentence of up to seven years.
Its highest-profile insider dealing investigation to date stems from a swoop in March 2010 that originally led to seven men being arrested, including employees of institutions such as Deutsche Bank
Another three individuals were later arrested as part of the same operation, although only seven have been charged so far.
(Reporting by Kirstin Ridley; Editing by Hans-Juergen Peters)
Source: http://news.yahoo.com/three-men-arrested-london-insider-dealing-probe-100005651--finance.html
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