City workers face fines and ban for betting on shares

Two City workers face fines and a ban from the Square Mile after using insider information to make more than £85,000 from spread betting on shares.

Robin Chhabra of Evolution and Sameer Patel of General Motors Asset Management were found by a City tribunal to have colluded in using confidential information to make quick profits, according to the Guardian.

Their punishment is yet to be decided, as they had disputed a finding by the Financial Services Authority (FSA) that they had committed market abuse.

Margaret Cole, FSA director of enforcement and financial crime, said: "Chhabra and Patel's behaviour fell far short of that expected."

The tribunal will hold a new hearing on the "penalties and prohibitions orders" against the two men.