Six held in insider dealing inquiry

SIX men suspected of running an insider dealing ring, including three City financiers, were arrested during raids yesterday.

They were held as officials searched 16 homes and businesses in London, the south-east of England and Oxfordshire. The Financial Services Authority (FSA), which led the operation, said it was the largest of its kind to target suspected insider traders. More than 140 of its investigators were supported by staff from the Serious Organised Crime Agency.

An FSA spokesman said the six men included two senior City professionals at well-known institutions and one hedge fund financier. They were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring.

Suspicions were first raised in late 2007 over a series of transactions involving the six.