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."

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.