A convicted insider dealer has been sentenced to an additional 538 days imprisonment for failing to meet a confiscation order made against him, the Financial Conduct Authority has announced.
In July 2012, Pardip Saini was sentenced to three years and six months imprisonment for six counts of dealing whilst in possessions of inside information in respect of six stocks.
Two years later, the confiscation order in the sum of £464,565 was made on 12 September 2014 at a hearing before HHJ Pegden QC at Southwark Crown Court.
He was convicted alongside six others who took part in a sophisticated and complex scheme to deal on the basis of confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids.
The period for Mr Saini to satisfy the order expired on 12 March 2015. As of today’s date, £222,047 of that sum remains unpaid and interest is accruing at the daily rate of £49.
The sentence imposed today is in addition to the term of three years and six months’ imprisonment.
Georgina Philippou, acting director of enforcement and market oversight, said: “The FCA welcomes the court’s decision today. Individuals should not be able to benefit from their crimes and today’s outcome should serve as a warning to those considering committing insider dealing.”
“Until Mr Saini satisfies the confiscation order, he remains the subject of a restraint order obtained by the FCA on 12 August 2008, which restrains all assets, wherever they are located, in which he has an interest.”
donia.o’loughlin@ft.com
