Consultant sentenced to two years jail for insider dealing

A LONDON management consultant was sentenced to two years in prison after being convicted of making about £500,000 (€586,146) using confidential tips from a hedge-fund trader.

Jurors found Rupinder Sidhu guilty on 22 of 23 insider dealing charges yesterday, said Chris Hamilton, a spokesman for the UK Financial Services Authority. A separate charge of money laundering wasn’t considered.

Sidhu, 40, used information from AKO Capital LLP trader Anjam Ahmad about the hedge fund’s trading plans to spread bet on companies including Julius Baer Group Ltd., Swatch Group AG and Michael Page International Plc between June and August 2009, prosecutors said.

He is the eighth person sentenced to prison for insider dealing in a case brought by the FSA.

The FSA said Sidhu, from Osterley in West London, set up MSN Messenger and Hotmail accounts in false names in order to receive tips from Ahmad, who he had known since secondary school.

The pair split proceeds of about £500,000 before Sidhu was arrested in January 2010.

Sidhu denied all the charges, claiming he didn’t know Ahmad was passing on inside information.

Former Dresdner Kleinwort and Shore Capital Group Plc banker Christian Littlewood was sentenced in February to three years and four months in prisonafter pleading guilty to using inside information to trade ahead of proposed takeover announcements.

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