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Five arrested over insider trading bets

12 April 2012

Five share punters have been arrested by the City of London Fraud Squad on suspicion of making at least £2million through insider trading.

They allegedly placed bets with several London spreadbetting firms based on sensitive corporate information that was not available to the public.

The five, who include at least one City professional and one whom police described as an "accountant of sorts", conducted their alleged scam over a period of 18 months and were arrested immediately after Christmas. They are now on police bail.

Detective Superintendent Ken Farrow, head of the City of London Fraud Squad, said: "We expect to press charges but it could take us another six months to collect all the evidence we need from the spread betting firms."

City & Business

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