On Wednesday, the FSA announced that it charged seven people with participating in an insider trading ring that made approximately £2.5 million ($3.8 million) in illegal profits. BusinessWeek reports that the inside information was obtained from the London printers of UBS AG and JPMorgan Chase & Co.’s Cazenove unit.
The FSA charged Paresh Shah, Truptesh Patel, Pardip Saini, Neten Shah, Bijal Shah, Mitesh Shah and Ali Mustafa on 13 counts of insider trading, related to 12 companies. A warrant has also been issued for an eighth suspect, according to BusinessWeek. The defendants will appear in court on April 14.