A former research analyst, Robin Chhabra and his friend Sameer Patel, a spread better, have been found guilty of market collusion and fraud by the Financial Services and Markets Tribunal (the Tribunal).
In 2004, Chhabra was a research analyst at Evolution Securities Limited covering Ebookers plc and Eidos plc, while Patel was an experienced spread better who regularly placed bets on football matches and FTSE indices. On three separate occasions, Chhabra became aware of confidential information about forthcoming announcements relating to Ebookers plc and Eidos, which he passed to Patel, who then executed a number of profitable spread bets netting a total of £85,541. The FSA found Chhabra and Patel had committed market abuse and proposed to ban and fine them both. Chhabra and Patel re...
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