Trader escapes jail after £500k betting scam

A FORMER hedge fund trader who used inside information to help make more than £500,000 from a spread-betting scam walked free from court yesterday.

Anjam Ahmad, 39, was given a ten-month sentence, suspended for two years, after he co-operated with the prosecuting authorities by revealing his criminal conduct and the methods behind the conspiracy.

Judge Geoffrey Rivlin QC, the Honorary Recorder of Westminster, told Ahmad: "All that you have admitted has resulted in your temporary ruin."

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Ahmad was fined 50,000 and ordered to pay back the 106,285 profit he made. The rest of the 500,000 went to a third party who cannot be named for legal reasons.

Ahmad must also do 300 hours of community work, pay a 15 victim surcharge, and will be fined more than 130,000 by the Financial Services Authority, the court in London was told.