Seven insider dealing suspects head for UK court

* Seven to stand in UK court charged with insider trading

* Suspects expected to give names, ages, addresses only

* Case expected to be referred to higher court

LONDON, April 14 (BestGrowthStock) – Seven men charged with running
an insider trading ring with information gleaned from the London
printers of Swiss bank UBS AG (UBSN.VX: )(UBS.N: ) and UK brokerage
Cazenove (JPM.N: ) will appear in a British court on Wednesday.

Mitesh Shah, Neten Shah, Paresh Shah, Bijal Shah, Truptesh
Patel, Ali Mustafa and Pardip Saini are alleged to have used
confidential information to trade in 12 UK-listed firms over two
years, including in media group Reuters during its 2007 takeover
by Thomson Corp (TRI.TO: )(TRI.N: ) of Canada.

It is the largest insider dealing racket to be brought
before court by the Financial Services Authority (FSA), which
has grabbed the headlines over the last month with high-profile
arrests as it cracks down on market abuse.

The hearing will be largely procedural, and the men are only
expected to be asked to give their names, addresses and dates of
birth before the case is referred to a higher court.

The FSA, which is seeking the extradition of an eighth
suspect linked to the so-called “printer” ring, last month
charged the men with 13 counts of insider dealing that it says
unlawfully netted them 2.5 million pounds ($3.84 million).

Mitesh Shah has also been charged with placing spread bets
to launder proceeds. [ID:nLDE6300OX]

The regulator has brought three successful criminal cases
against insider dealers to date. Its most high-profile victory
was against Malcolm “Streaky” Calvert, a former partner at
Cazenove, who was jailed for 21 months. [ID:nLDE62A1HW]

That conviction was closely followed by last month’s
dramatic arrests of seven insider dealing suspects, including a
managing director at Deutsche Bank (DBKGn.DE: ), the head of sales
trading at Exane, part-owned by France’s BNP Paribas (BNPP.PA: ),
and a London-based trader at U.S. hedge fund Moore Capital.

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($1=.6511 Pound)
(Reporting by Kirstin Ridley, editing by Will Waterman)

Seven insider dealing suspects head for UK court