Police arrest suspect over insider trading

AUTHORITIES have arrested a seventh person as part of a crackdown on an insider trading ring that has sent shockwaves through the financial industry.

The Financial Services Authority and the Serious Organised Crime Agency yesterday said the individual would be released on bail after questioning. They declined to comment further.

The latest arrest comes a day after authorities detained six men on suspicion of involvement in a long-running and sophisticated insider dealing ring.

Some lawyers said that while the FSA had in the past taken months to charge suspects after raids, this case appeared to be at a more advanced stage.