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Ruby Hamid sees insider trader Rifat jailed for 19 months

20. Mar 2015

Ruby Hamid was on the prosecuting team for the Financial Conduct Authority in respect of Operation Tabernula, the largest insider dealing investigation undertaken in the United Kingdom. On 19th March 2015, Julian Rifat was sentenced to 19 months in jail, fined £100,000 and ordered to pay nearly £160,000 in legal costs after pleading guilty to trading using illegal tips in companies including Barclays Plc, Volkswagen AG and Metro AG.
HH Judge McCreath said he must “have regard to the effect of this offense, this behavior, on confidence in the market” in determining the sentence, adding “Public confidence in the integrity of the market is plainly of the highest importance and insider dealing of this kind impacts adversely upon that.”
For further information see The Daily Telegraph and Bloomberg.