Amjid Jabbar, Partner at Stokoe Partnership Solicitors comments for City AM regarding the FCA’s recent convictions following Operation Tabernula.

“The financial services watchdog is determined to show that it is serious about cracking down on insider trading. The Financial Conduct Authority (FCA) – as it is now known – secured two more convictions for its metaphorical trophy cabinet on Monday.

Accountant Andrew Hind and former Deutsche Bank director Martyn Dodgson were found guilty on Monday for insider trading offences in the Tabernula case, although the three other men on trial – former Panmure Gordon stockbroker Andrew Grant Harrison, private day trader Benjamin Anderson and former Aria Capital director Iraj Parvizi – all walked free.

The case’s nickname, which comes from the Financial Services Authority and Serious Organised Crime Agency operation that prompted it, may sound familiar. Monday’s convictions were the fourth and fifth to result from the operation, which began with a dramatic series of morning raids in March 2010.

Equities trader Paul Milsom, who was the first to be convicted after pleading guilty, was sentenced to two years in prison in March 2013, when Tracey McDermott was director of enforcement. Former Moore Capital trader Julian Rifat, who pled guilty in 2014, was sentenced to 19 months imprisonment and slapped with a £100,000 fine.

“The FCA will attempt to herald this as another success but given the length of investigation and the costs, does it really justify this headline,” asks Amjid Jabbar, partner at Stokoe Partnership.”

Read the full article on the City AM website here.